India: The quality pharmacy of the world
Indian pharmaceutical companies have immense potential to increase their share in the $1.4 trillion global pharma industry
The global pharmaceutical space has witnessed massive evolution in the last three years, following the pressure mounted by the COVID-19 pandemic. Within a short period, India — as one of the world's leading pharmaceutical producers— has embarked on an ambitious project towards becoming the quality pharmacy of the world. Now valued at about $50 billion, and supplying generic drugs and vaccines used in the United States, the UK, Africa, and many other parts of the world, the Indian pharma industry has truly come of age.
The importance of India's pharma industry to the world is also heavily felt in the fight against viral diseases like HIV/AIDS, supplying around 80% of all antiretroviral drugs globally. While these are commendable feats achieved by impressive policies and the ingenuity of local drug producers and Contract Development and Manufacturing Organisations (CDMOs), there's still a lot to do as India's pharma turnover is only about 3% of the $1.4 Trillion global pharma industry.
At the moment, India ranks 14th on the global pharmaceutical industries' index, in terms of value, supplying quality medicines both for domestic and global markets.
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https://www.dailypioneer.com/2023/columnists/india--the-quality-pharmacy-of-the-world.html#:~:text=At the moment, India ranks,for domestic and global markets.&text=The government of India has,programmes to grow the sector.
Courtesy: Daily Pioneer
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