The Indian Pharmaceutical Industry has witnessed robust growth over the past few years moving on from a turnover of approx. US $ 1 billion in 1990 to over US $30 billion in 2015 of which the export turnover is approximately US $ 15 billion.
The country now ranks 3rd worldwide by volume of production and 14th by value, thereby accounting for around 10% of the world’s production by volume and 1.5% by value.
Globally, it ranks 4th in terms of generic production and 17th in terms of export value of bulk actives and dosage forms. Indian exports are destined to more than 200 countries around the globe including highly regulated markets of the US, West Europe, Japan, and Australia.
It has shown tremendous progress in terms of infrastructure development, technology base creation, and a wide range of products. It has established its presence and determination to flourish in the changing environment.
The industry now produces bulk medicines belonging to all major therapeutic groups requiring complicated manufacturing technologies. Formulations in various dosage forms are being produced in GMP-compliant facilities. Strong scientific and technical manpower and pioneering work done in process development have made this possible.
Recognizing the potential for growth, the Government of India took up the initiative of developing the Indian Pharmaceuticals sector by creating a separate Department in July 2008. The Department is entrusted with the responsibility of policy, planning, development, and regulation of Pharmaceutical Industries. An assessment of the Indian Pharmaceutical Industry's strengths reveals the following key features:
- Strong export market- India exported medicines worth US$ 15 billion to more than 200 countries including highly regulated markets in the US, Europe, Japan, and Australia. Large Indian pharma companies have emerged as among the most competitive in the evolving generic space in North America and have created an unmatched platform in this space. Indian companies are also making their presence felt in the emerging markets around the world, particularly with a strong portfolio in anti-infective and antiretroviral.
- Large domestic pharma companies have continued to grow, assuming a leadership position in many therapies and segments in the Indian market as well as creating strong international exports back-bone.
- Competitive market with the emergence of a number of second-tier Indian companies with new and innovative business modules.
- Indian players have also developed expertise in significant biologics capabilities.
- Biologic portfolios while still nascent in India are being built with an eye on the future.
- Multinational companies have continued to invest significantly in India and are making their presence felt across most segments of the Indian pharma market. Companies have also begun to invest in increasing their presence in tier II cities and rural areas and making medical care more accessible to a large section of the Indian population.
- Low cost of production.
- Low R&D costs.
- Innovative Scientific manpower.
- Excellent and world-class national laboratories specializing in process development and development of cost-effective technologies.
- An increasing balance of trade in the Pharma sector.
- An efficient and cost-effective source for procuring generic medicines, especially the medicines going off patent in the next few years.
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