India's pharma industry will grow by 14%

Mumbai, Ta. 20 August 2020, Thursday

India's pharma industry is expected to grow by 12 to 15 per cent in the next three years. The country's pharma exports are also projected to grow by 5 to 12 per cent, according to a report.

The country's ૪ 21 billion pharma industry ranks third in the world in terms of volume. In terms of value, India's pharma industry ranks 12th in the world. India is an important component in the global life science industry.

Indian companies play a leading role in the production of generic drugs in the world and India supplies 50% of the global demand for various types of vaccines.

About 60 per cent of US generic demand comes from India. India's supply of generic drugs to the US is increasing. In the UK, too, India supplies 4% of the drug supply.

However, there is a growing demand for strengthening the domestic pharma industry. Especially in view of the current situation, the opinion has been prevailing that the local supply chain should be given importance.

The government also announced a special fund in March to provide incentives to domestic producers of pharma ingredients. The government's funding comes as India's pharma industry relies on foreign countries, especially China, for its raw materials.

India imports 20% of its active pharma ingredients. The government intends to increase spending behind the healthcare sector. The government also plans to spend 5.50 per cent of GDP on public health facilities by 202.

Awareness about health care among the people of the country also contributes to the growth of the pharma industry. Product quality is a major challenge facing India, known as a low-cost manufacturing hub, the report said. However, new safety measures in the manufacturing sector are boosting confidence in Indian herbs among consumers at home and abroad.