New Delhi, Aug 15 (PTI) Prime Minister Narendra Modi on Saturday exhorted the need for one or two Indian firms to feature prominently among the global top five pharmaceutical companies.

In his address on the 80th Independence Day, Modi stressed the need for Indian pharmaceutical companies to have a place among the top firms in the world.

"We have done significant work in the pharmaceutical sector, but the need of the hour is for one or two Indian companies to feature prominently among the global top five. India must secure its place there," the prime minister asserted.

As per official data, the Indian pharmaceutical industry ranks 3rd globally by volume and 11th by value, with more than 3,000 companies and 10,500 manufacturing units.

The domestic pharmaceutical market, valued at USD 60 billion, is projected to reach USD 130 billion by 2030.

As per the Economic Survey 2025-26, in FY25, the sector's annual turnover reached Rs 4.72 lakh crore, with exports growing at a CAGR of 7 per cent over the last decade (FY15 to FY25).

India is the largest global supplier of generic medicines, accounting for around 20 per cent of global supply, manufacturing about 60,000 generic brands across 60 therapeutic categories.

India currently ranks 11th globally in pharmaceutical exports by value, with exports to 191 countries in 2024-25, of which 50 per cent are directed to highly regulated markets such as the United States and Europe, reflecting wide international acceptance of Indian medicines.

In 2024-25, pharmaceutical exports stood at USD 30.5 billion, a nearly 16-fold increase from USD 1.9 billion in 2000-01.

Yet, Indian pharmaceutical firms are still not among the top companies globally, although some of the companies, such as Sun Pharmaceutical Industries Ltd, are counted among leading generic drug makers globally.

Sun Pharmaceutical Industries, which had in April announced plans to acquire US-based Organon & Co at an enterprise valuation of USD 11.75 billion, has stated that upon successful consummation of the transaction, it is poised to be among the top 25 global pharmaceutical companies with a combined revenue of USD 12.4 billion, and a leading player in established brands and branded generics. PTI RKL HVA