The pharmaceutical sector in India was that one particular area that managed to defy the disturbing pattern of the country’s economy that was brought on by the global pandemic in 2019. Indian pharmaceutical companies have been successful in meeting the demands of vaccines in the global marketplace during the Covid-19 period, finally reaching to the position of top generic medicines suppliers worldwide. It is presently the 3rd largest manufacturer in the world with a $49 billion market value. Sanjeev Nanda, MD of Ishvan Pharmaceuticals shares, “The Indian pharmaceutical sector has succeeded in meeting the increasing demands of the masses in hard times and beyond. We are becoming leaders in the mass production of medications to treat nearly every illness. The pharmaceutical industry in our country is competitively priced, which benefits both pharmaceutical firms and consumers.”
In addition to being cost-effective, India has a sizable population that might offer a wide market for pharmaceutical products. With the population increasing as the years go by, it is predicted to only strengthen the market economy. That makes the nation a desirable location for global companies seeking to diversify their operations. Furthermore, the Indian government has introduced various initiatives, including prospective regulatory frameworks and tax breaks that support the development of the pharmaceutical businesses.
The Indian pharmaceutical industry has also accomplished notable progress in adhering to global regulatory criteria, which has aided in enhancing its standing in the worldwide market. India managed to sustain a robust export market with exports to more than 200 nations, including Europe, United States and Africa.
“We all share the objective of ensuring that people throughout the world have access to high-quality healthcare, and when the Indian pharmaceutical sector grows its exports and enters new markets; it stimulates the economy as well as achieves this goal. The pharmaceutical sector in India also has a distinct advantage due to the country’s expanding population, which offers a huge domestic market that not only fosters industry expansion but also guarantees that essential medicines are available to people who need it most,” highlights Nanda.
India boasts a substantial pool of highly qualified scientists and researchers along with a competent workforce. A vast spectrum of new drugs and remedies are being produced, which is increasingly centered on research and innovation. The pharma sector also provide a ton of employment opportunities, including manufacturing, medical research, academia, market research, quality management, commercial pharmacies, marketing etc.
The healthcare industry in India is benefiting significantly from government and private sector’s support and investment in health and medicine. Alongside, the pharmaceutical industry in India is expanding by double digits. In early 2023, the industry revenues increased 20.3% annually. A number of advanced technologies and trends, including Artificial Intelligence, block chain, data and analytics, digital therapies, etc., are also bringing major changes in the whole industry and are anticipated to serve as key indicators in this futuristic era.
As Sanjeev Nanda of Ishvan Pharmaceuticals asserts, “This growing statistics indicate that pharmacists and the Indian pharmaceutical industry will be very significant moving forward. The expansion of the Indian pharmaceutical sector is assessed not just in terms of numbers but also in terms of the lives it affects and the illnesses it heals. As a proud Indian, I find it tremendously satisfying to witness our nation become a leading nation in the pharmaceutical sector, offering the rest of the globe accessible and inexpensive healthcare options.”
