India’s pharmaceutical sector is valued US$ 42 billion and ranks third in terms of volume and 13th in terms of value in the world. India is the world’s largest supplier of generic pharmaceuticals, providing more than 60% of worldwide vaccination demand and 20% of global supply by volume. More than half of global demand for vaccines was met by the Indian pharmaceutical industry, as was 40% of generic demand in the United States and 25% of all medicines in the United Kingdom. Antiretroviral drugs are being supplied by Indian pharmaceutical companies to over 80% of the world’s AIDS (Acquired Immune Deficiency Syndrome) patients.
In August 2021, the Indian pharmaceutical market gained 17.7% yearly, up from 13.7 percent in July 2020. The country has a large number of scientists and engineers. Who have the ability to catapult the sector to new heights. Revenue in the Indian pharmaceutical market is expected to grow by more than 12% year on year in FY22, according to India Ratings & Research.
As late as the late 1950s, India was importing the majority of its necessities through foreign businesses. A number of factors, including the emergence of a new breed of Indian entrepreneurs, government policies aimed at protecting indigenous industries through import tariffs, and the development of local chemical technology, have all contributed to the Indian Pharmaceutical industry’s international presence.
The market is expected to develop at a 37 percent CAGR from 2020 to 2025, reaching US$ 50 billion. According to the Indian Economic Survey 2021, the house market is expected to grow in the next years. By 2024, the domestic pharmaceutical market in India is estimated to be valued US$ 65 billion, rising to US$ 120-130 billion by 2030.
Pharmaceutical companies in India have recently expanded their efforts in drug discovery research and development, investing more than Rs 8000 crores (US$ 1.2 billion) in R&D, or around 9% of their total sales turnover. India’s biotechnology business includes biopharmaceuticals, bioservices, bioagriculture, bioindustry, and bioinformatics. The Indian biotechnology sector was valued US$ 64 billion in 2019, and it is expected to be worth US$ 150 billion by 2025.
The writer is Director at BDR Pharma Pvt Ltd