Is India the largest supplier of generic medicines?

In the worldwide pharmaceutical industry, India’s pharmaceutical sector is significant. By volume, India is third in the world for output and 14th by value. One of India’s top ten industries for foreign investment is pharmaceuticals. More than 200 countries worldwide get Indian pharmaceutical exports, including the heavily regulated markets of the USA, West Europe, Japan, and Australia. India provided around 114 nations with 400 million tablets and 45 tonnes of hydroxychloroquine.

The Indian pharmaceutical market is currently worth USD 42 billion and is anticipated to grow to USD 120 billion or more by 2030. The predicted growth trajectory will be fueled by increasing exports and better contract research possibilities. Low production costs, inexpensive R&D, and creative scientific talent can propel the sector to new heights. India has the potential to grow into a global leader in pharmaceuticals with the correct backing and initiatives. 

Overview of the Indian generic drug market

The largest pharmaceutical manufacturing companies in India produce over 70% of the world’s generic medications. The Indian pharmaceutical industry supplies 25% of all pharmaceuticals in the United Kingdom and 40% of the demand for generic drugs in the United States. There are a few of the major participants in the Indian generics market.

India is one of the top producers of generic medications thanks to its big domestic market and abundance of qualified chemists. The availability of high-quality generic medications at affordable prices is one of the primary factors contributing to the enormous growth of the Indian pharmaceutical industry. Competitive land rates, economical labor, low-cost utilities, and cost-effective equipment are a few of the economic elements that contribute to the low cost of generic medicines. Due to India’s increased insurance coverage and steady income development, it is anticipated that medicine affordability will keep rising.

Additionally, rising government spending on healthcare and the implementation of various policies aimed at improving the availability and affordability of medicines are some of the factors anticipated to support the growth of the India generic drugs market. Nearly 50 million hydroxychloroquine tablets were exported from India to the US in 2020. 123 nations, including Germany, Brazil, Spain, Nepal, Bhutan, Bahrain, and the Maldives, continued to receive shipments of more necessary pharmaceuticals from the foreign ministry.

References-

• How India Became the Biggest Exporter of Generic Drugs | TechSci Research.
• Pharmaceutical Companies in India, Indian Pharma Industry- IBEF