India has one of the most promising economies in the world. It as performed phenomenally in the past few decades consistently in spite of so many challenges. As far as the Indian pharmaceutical industry is concerned, the country has been providing generic drugs to the whole world.
Statistics say that the industry supplies more than half of the global demand for vaccines, 40 percent of generic medicines in the United States, and almost one-fourth of the total medicines in the UK. No wonder, you have new companies getting launched every year. Thanks to the flexible policies and support by the government, the future seems to be healthy for the pharma sector.
A few statistics
The pharma sector in the country was valued at around 33 Billion USD in the year 2017. It is expected to grow at a CAGR of 22 percent over 2020 to reach the magic figure of 55 Billion USD. As far as the export is concerned, it has crossed 19 Billion USD and expected to increase further in the subsequent years.
Pharmaceutical Exporters In India includes a wide spectrum of products; bulk drugs, drug formulations, herbal products, intermediates, and surgical equipment. With the expected growth rate of 30 percent annually, the biotechnology industry is expected to touch the 100 Billion USD mark by 2025. In includes bio-services, bio-agriculture, bio-industry, biopharmaceuticals, and bioinformatics.
Medicine spending in the country is projected to grow with a rate of 9 to 12 percent for the next five years. Thus, it will enter the Top-10 list of countries. As the companies align their product portfolio to chronic therapies of complex ailments, better growth in domestic sales is expected. The government is taking steps to reduce costs. It is encouraging the introduction of generic drugs into the market.
The rural health programs, preventive vaccines, and lifesaving drugs get a thrust due to the positive measures taken by the government. Steps are being taken by the Indian government also include amendment of the existing FDI (Foreign Direct Investment) policy in the pharma sector. It will allow up to 100 percent FDI under the automatic route for producing medical devices. It is subject to certain conditions.
The government is planning to set up an electronic platform for regulating online pharmacies. A new policy is being drafted to stop any misuse because of easy availability.
The Government of India is planning to set up an electronic platform to regulate online pharmacies. All these things indicate a great future of the Indian pharma sector.