Is Indian pharma ready to take up a global role?

Pharma Industry

India now stands as the third largest Pharmaceuticals industry in the world by volume and 10th in terms of value. More importantly, India’s Pharma industry has made a significant contribution to global healthcare by ensuring high quality, and affordable medicines are accessible around the world.

Owing to its strong capabilities across the value chain, India has continued to serve as an attractive destination for the R&D of generic drugs and manufacturing of pharmaceuticals. Occupying 20% share in global supply by volume, it is the largest provider of generic medicines globally, also supplying 62% of the global demand for vaccines and Indian vaccines are exported to 150 countries. With 10,500+ manufacturing units and 3,000 pharma companies, there are over 60,000 generic brands across 60 therapeutic categories in India manufacturing more than 500 different Active Pharmaceutical Ingredients (APIs). The API industry is ranked third largest in the world and contributes 57% of APIs to the WHO prequalified.

India has nearly 1400 WHO-GMP approved pharmaceutical plants and 253 European Directorate of Quality Medicines (EDQM) approved plants with state-of-the-art technology. Moreover, India is the only country with the largest number of US-FDA compliant Pharma plants (more than 262) outside of the USA. It is of global significance that the prices of medicines in India are amongst the lowest in the world.

Let’s take a look at this unique industry in the context of the Indian economy, and further explore its position from a global standpoint through the lens of MitKat’s Special Report.

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Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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