Introduction:
Being the largest producer of generic drugs in the global market, India holds an important position in the world market. The country consists of a large number of scientists and engineers. They have the potential to take the pharmaceutical industry ahead to new heights of success. The potential of Indian pharmaceutical companies is more than any other market in the entire world. It is the supplier of over 80 percent of antiretroviral drugs used globally to fight AIDS (Acquired Immune Deficiency Syndrome). If the growth of our pharma industry continues to go on with the same rate, then we will be able to bring more income to our country.
Highlights of Indian Pharmaceutical Industry:
- India is known to be registering its presence prominently in the global pharmaceutical market. It has been rapidly growing in the last few years.
- It has become the largest producer and supplier of generic medicines globally. It holds a share of 20% of the total global supply by volume.
- India is also known for fulfilling around 50% of global demand for vaccines.
- India holds third rank worldwide for the production of pharmaceuticals by volume and 13th by its value. It accounts for almost 10% of the world’s total production of medicines by volume and 1.5% by value.
- India consists of around 60,000 generic brands belonging to 60 therapeutic categories. The Medicine Manufacturing Companies in India produces more than 500 different Active Pharmaceutical Ingredients (APIs).
- There are around 3,000 pharma companies in India. These companies own 10,500 manufacturing facilities for making Pharmaceutical Products in India.
- The domestic pharmaceuticals market turnover was worth US$ 18.12 billion in 2018. This shows a remarkable growth of 9.4% from 2017 in this industry.
- In the coming years, this industry aims to work better and achieve even more.
The combined efforts of government and pharmaceutical companies in India have brought new achievements for the industry. Here are some of the achievements of Indian pharmaceutical industry so far:
- Facilitator of quality and affordable medicines: It has been the goal of Pharma Companies in Mumbai and all over India to provide drugs that are of high quality and which could be easily afforded by the patients. Various measures have been taken to reduce the cost of the medicines.
- A world leader in the Pharma industry: It is a well known fact that India has emerged as the world leader in the production of pharmaceuticals. Being the largest supplier of generic medicines and vaccines, India rightfully acquires that place globally.
- A global drug supplier: India has managed to make a place in the US medicine market and developed trade with other countries too. The country has surely become the world’s largest supplier of drugs when it comes to volume.
- Pacing the economic growth rate: The current value of Indian pharmaceutical industry is $11 billion. We hope that the pharmaceutical industry in India will be able to grow. It can also increase the income share and boost the economy of our country.