India is one of the world's largest suppliers of generic drugs, accounting for 20% of the global pharmaceutical market demand. Faced with the crisis of the COVID-19 pandemic interrupting China's raw material supply chain, the government and enterprises have proposed a number of countermeasures.
Hamburg Germany (Merxwire) - The online statistics portal Statista pointed out that the supply of Indian medicines accounts for about 20% of the global demand for medicines, becoming one of the world's largest generic drug suppliers, contributing more than 70% of the overall market revenue. India's healthcare and pharmaceutical industry is one of the fastest growing industries in the world, and is expected to grow by 754% between 2017 and 2060.
However, the COVID-19 pandemic interrupted China's raw material supply chain, making it difficult for Indian pharmaceutical companies to purchase essential pharmaceutical materials. The Indian government has given priority to the production of 53 drug raw materials and APIs by investing more than US$1.3 billion in domestic pharmaceutical companies and state-run manufacturers. New restrictions have also been ordered on the export of several drug formulations to ensure enough supplies for India.
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In 2019, the total value of Indian pharmaceutical exports exceeded Rs 1.3 trillion. The country's pharmaceutical market has several unique characteristics that have contributed to the steady growth and popularity of the pharmaceutical market.
The countrys grip on the branded generics market
Outside North American countries, India has the highest number of United States FDA-approved plants for generic drug manufacturing. Generic drugs are pharmacologically equivalent forms of branded drugs with the same dosage, intended use and other qualities as the original drugs. In 2015, Indias revenue from biosimilars through the prescription drug market exceeded US$21 billion.
Owns many pharmaceutical companies
They created their own niche market through early investment and new formula development capabilities. Six domestic companies, including Aurobindo, Cipla, Desano, Emcure, Hetero Labs and Laurus Labs, have UN-backed Medicines Patent Pool to manufacture anti-AIDS medicine for over 112 countries in developing markets. The healthy competition between the market and generic products ensures that the prices of Indian manufacturers medicines are extremely low compared to global prices. Although India ranks tenth globally in terms of pharmaceutical production value, it ranks third in terms of output.
Variety of manufacturing drugs
As of 2018, generic drugs accounted for more than 70% of the total revenue of the Indian pharmaceutical industry, but the pharmaceutical industry also produces other approved drugs such as antibiotics, vitamins, steroids ,along with drug intermediates and formulations, biologicals and herbal products.