The ability to deliver high-quality medicines at affordable rates has earned India the sobriquet ‘pharmacy of the world’. It has also positioned India’s pharmaceutical and biotechnology industry to generate combined revenues of $100 billion by 2025 from the current $20 billion. Hence, it will need annual investments of $4-5 billion for the next five years. To realize this quantum of growth and absorb this level of investments, the right policy framework needs to be put in place. Over-regulation, over-taxation, under-incentivisation and under-investment have steadily eroded the sector’s global competitiveness. Out-of-the-box thinking and forward-looking policies are needed to revive the fortunes of this promising sector and return it to a high-growth trajectory.