The Indian Pharmaceutical Industry: A Remarkable Journey

The Indian Pharmaceutical Industry: A Remarkable Journey

The Indian Pharmaceutical Industry’s journey started with significant steps towards global recognition. In 1970 the Indian patent act was introduced and in 1978 the drug policy was introduced and set the stage for Indian companies to establish themselves in international markets, from 1980’s India had transformed from a major importer to a leading exporter of medicine. In 1984 Hatch Waxmann act was introduced in the United States boosted the production of generic medicines benefitting Indian drug makers. In 1991 the economic reforms takes place further propelled the Indian pharmaceutical industry onto the global platform by removing licensing restriction.

In past years pharmaceutical industry in India has notable transformation in healthcare preferment worldwide. Some of the major sectors of Indian pharmaceutical industry include generic drugs, vaccines, bulk drugs, contract research and manufacturing, biosimilars, medical devices etc. It’s 2024 and Indian pharmaceuticals industry has risen and positioned itself as one of the major contribution to the global pharmaceutical industry. The Indian pharmaceutical industry is projected to hit a $450 billion by 2047.

The Indian pharmaceutical industry grasp a significant place in the world economy. Worldwide it ranks 3rd in volume and 14^th in value. During the covid -19 pandemic, it showed exceptional performance, making a mark on the global stage.

It played a vital role in vaccinating 2.2 billion Indians and providing over 290 million vaccine doses to more than 100 countries through the vaccine maître initiative. The pharmaceutical industry also worked to develop medicines, testing kits and treatments for covid-19.

Our pharmaceutical industry is known as pharmacy of the world and generic hub in the world. India was the world’s leading exporter of generic medicines, meeting 20% of global demand.  In India Half of the world’s vaccines are made . India is also a major supplier of vaccines for disease like DPT, BCG, and measles.

AN ECONOMIC PILLAR

In Indian economy the pharmaceutical industry contributing significantly to jobs nearly 3 million people, foreign exchange, earning and research. With a market size of $50 billion in 2020-2021 and pharmaceutical exports $17 billion;in 2022 pharmaceutical exports exceeded $ 25 billion. With the right resources, it aims to reach  in 2030  has $130 billion in market size  and $450 billion by 2047.

FUTURE PROSPECTS

The future of pharmaceutical industry looks promising. By the help of government policies such as production linked incentives and collaborations with research labs. In two years India has managed to produce 38 active pharmaceutical ingredients. This decreasing dependence and strengthens the supply chain. The pharmaceutical industry aims to become a volume leader and a top-10 contributor in terms of value by 2030, with aims to reach the top 5 by 2047.A large volume of medical devices  are imported and supplies will be made in India. And decreasing dependence on imports, ensuring smooth business activities. The pharmaceutical industry in 2024 has expected to reach $65 billion and $130$ billion in 2030..

Summary

All along innovation in Pharma sector and, quality, and global reach, collaboration with stakeholders, government bodies and regulators will be key to unlocking the industry’s potential and make sure its continued progress. More pharmaceutical companies are moving towards digitalization, using artificial intelligence applications.

 

Author

Ms. Rinshi Agrawal

Assistant Professor

NRI Institute of Pharmacy