The Indian pharmaceutical industry is growing at unparalleled speed. It ranks 3rd in the world in terms of volume and 14th in terms of value.
Currently, India is the principal provider of generic drugs across the globe. If we discuss vaccines, Indian pharmaceutical industry supplies over 50% of global demand. When it comes to generic demand, Indian pharmaceutical industry supplies 40% in the United States and 25% in the United Kingdom.
Well, there are various reasons for that:
Indian pharma companies have invested greatly in research and development. Furthermore, the cost of production and manufacturing is very low compared to other industries. The total exports in the pharma industry have reached $17.27 billion in 2018.
India’s economy is developing at a very fast pace. At the same time, increasing health awareness has led to more health insurance policies. It has enabled more expenditure on healthcare and medicine in India.
Government Of India has a vision called Pharma Mission 2020 that aims to make India a global leader in end-to-end drug manufacturing.
Private sectors are consistently investing in R&D and acquisitions that are driving this sector’s growth. For a record, in just 2018, Indian pharma companies invested 8.8% of their profits on R&D.
Inos has a mission to simplify the life science by offering high-end technology and unmatched services to our clients so that they can drive growth. We have collaborated with the best global players to make it possible.