Pharmacy of The World Indian Pharma Industry

In the global pharmaceuticals sector, India is a rising player and plays a significant role. Worldwide, the Indian Pharmaceutical industry ranked 3rd in terms of production by volume and 14th by value. India is the largest supplier of generic medicines worldwide, occupying a 20 percent contribution in global or overall supply in terms of volume. The nation is the leading manufacturer of vaccines globally. 

India also has the highest number of pharma plants (US FDA compliant) outside of the USA and is a hub to beyond 3K drug companies with a deep network of more than 10,500 manufacturing units. Generic drugs, Over-the-counter (OTC), vaccines, bulk medicines, contract research & manufacturing, biologics, and biosimilars are some of the key segments of the Indian pharmaceutical industry.

India has 500 API producers that account for approximately 8 percent of the overall API market. Indian pharma industry fulfills more than 50 percent of global requirements for various vaccines, 40 percent of generic requirements in the United States, and 25 percent of all medicine in the UK. The Indian pharma industry enabled by its competitive price and good quality has made a global mark.

More than 80 percent of the antiretroviral medicines used globally to combat AIDS are supplied by Indian pharma firms. The nation is rightfully known as the PHARMACY OF THE WORLD because of the low cost and optimum quality of its medicines.

Market Size: As per the Indian Economic Survey 2021:

• The domestic market is likely to pullulate 3* in the upcoming decade. 
• India`s domestic pharmaceutical market stood at 42 Billion USD in 2021.
• Market size is likely to reach 65 Billion USD by 2024, and further, expand to reach 120-130 Billion USD by 2030.
• The Indian biotechnology industry stood at 70.2 Billion USD in 2020 and is likely to expand to reach 150 Billion USD by 2025.
• The expected growth rate of 11-12% (2020-2030).
• The cost of manufacturing is 33% less than in the western market.
• Incentives worth 21,940 Rs Crore (3 Billion Dollars) are approved.
• India supplied roughly 45 tons and 400 million hydroxychloroquine tablets to 114 countries globally.
• Approximately 20% of the global exports in generic medicines are met by India.
• Pharmaceutical exports from India reach over 200 countries around the world, including highly regulated markets of the USA, Australia, West Europe, and Japan.

References:

https://www.makeinindia.com/sector/pharmaceuticals

https://www.ibef.org/industry/pharmaceutical-india