The Indian pharmaceutical industry has come a long way, becoming the sunrise sector of the country. Today, the industry is witnessing steep growth, with lots of innovation and employment generation. Despite the pandemic hitting hard on all other sectors, the Indian pharmaceutical industry has turned the crisis into an opportunity. With the need for life-saving medicines and vaccines growing high, the Indian Pharma sector is rising to become one of the global providers of medicines at affordable cost, laying the road to become the ‘Pharmacy of the World’.
Comprising over 3,000 pharma companies and 10,500 manufacturing facilities, India, at present, is producing and distributing life-saving medicines all across the world at the most affordable prices. TheIndian pharmaceutical industry has successfully become the third-largest in the world in terms of volume and 11th by value. There are several key factors thathave worked in tandem to drive the nation to become the ‘pharmacy of the world’ and unlock the enormous potential that the pharma industry holds. Let us have a look at them in this article below.
The Pandemic Opened New Opportunities
The COVID-19 pandemic has been immensely productive for the industry, owing to its phenomenal potential of supplying low-cost, high-quality medicines. The country has also been moving in the direction of becoming a self-reliant nation in critical APIs and medical devices. The pharma industry has not only brought in path-breaking innovations during these times but also rapidly improved its global potential for distributing time-critical drugs to every corner of the world. And now, the Indian pharma industry is all set to reach greater goals in the post-pandemic times as the world looks forward to India to manufacturethe best medicines at an accessible cost, thus deserving more than ever to be called the ‘Pharmacy of the World.’
Government Support for Production Boost
Despite producing drugs at some of the lowest costsin the world, many of the leading Indian drug manufacturing firms hold the capacity to serve both the Indian market and cater to the global supply ofessential drugs. The increase in the production of drugs in India has been catalyzed by the government’s support and streamlining of pharmaceutical manufacturing through policies and initiatives. Moreover, financial incentives promoted by the government towards the manufacturing of medical devices and diagnostic kits have propelled the nation’s production without depending on imports. So far, India has been a global pharma manufacturing leader, holding the second-largest number of FDA-approved drug manufacturing plants outside of the US.
Growing Market for Generic Drugs
India has been the third-largest generic drug supplier in the world, providing low-cost generics, vaccines, and affordable medicines to the rest of the world. Today, Indiais one among the largest producers of low-cost drugs both in terms of value and volume. The industry is worth about $37 billion, with exports accounting for about $18 billion. It is indeed a matter of pride for us that the Indian pharma industry, backed by structural cost-advantages and innovative manufacturing approaches, is capable of producing high-quality, cost-effective generic medicines for the entire world.
In a nutshell, the growing market competition, increasing regulatory scrutiny, domestic price regulations, and new tax regimes have all in all supported the pharma industry’s growth, creating a ray of opportunities for the sector to adapt to the changing global dynamics and emerge as a leading global pharma hub. And with the growth of the pharma industry, which is in no way diminishing in the near future, aspiring students looking to make a career in thepharmacy domain certainly have all the reasons to rejoice.But to join the pool of the most highly employable pharma professionals, you would needa degree from a reputed institutionwhere you get to learn about the market dynamics and the real industry scenario. This is exactly what we, at Indore Institute of Pharmacy (IIP),a PCI approved pharmacy college in Indore, strive to provide our students.
With exceptional opportunities for learning, knowledge acquisition, and professional networking, both within and beyond the campus, IIP provides students a perfect platform for overall academic and personal development. There is a vastopportunity for the Indian pharmaceutical industry in the global arena, and we at IIP have the state-of-the-art infrastructure, the best of teaching faculty, and all the modern facilities that promote excellence in all aspects of learning.