India's Pharma Sector

India’s Pharma Sector

In this article we will discuss India’s Pharma Sector (General Overview)

In this article, we will discuss India’s Pharma Sector. So, let’s get started.

India’s Pharma Sector

  • The World’s Pharmacy: India is the world’s third-largest pharmaceutical producer and is considered ‘pharmacy to the world’. It is the largest provider of generic drugs globally.
  • The Indian pharmaceutical industry meets over 50% of global demand for various vaccines, 40% of generic demand in the U.S. and 25% of all medicine in the U.K.
  • Presently, over 80% of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms.
  • Share in the Economy: The Indian pharmaceutical industry is a strategic industry for the nation, with the advantage of scale (at $37 billion in 2019-20, it contributed 1.5% to the GDP directly, with another 3% coming indirectly).
  • The industry also has global reach, and is a net foreign exchange earner of more than $10 billion annually.
  • Progress in Global Share: In 1969, Indian pharmaceuticals had a 5% share of the market in India, and global pharma had a 95% share. By 2020, it was the reverse, with Indian pharma having an almost 85% share and global, 15%.
  • India already contributes over 20% by value to the global generics market, with Indian products contributing over 40% (by volume) of US drugs.

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