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, the Indian pharmaceutical industry supplies over 50% of global demand. When it comes to generic demand, the 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.
The 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 the record, in just 2018, Indian pharma companies invested 8.8% of their profits on R&D.
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