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Category : Sectoral Trackers
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India has a very important role to play in the global pharma sector. The Indian pharmaceutical industry is the largest maker of generic drugs across the world and is expected to outpace the global pharma industry. The industry is expected to grow 3 times faster than the global average. They account for approximately 20% of global exports by volume. The market size is estimated to be at USD 55 Billion by 2020 and USD 100 Billion by 2025.
The industry is heavily overseen by the US Food & Drug Administration (USFDA) and the manufacturing standards have gone up resulting in increasing drug approvals in the recent years.
Majority of some Anti-AIDS drugs are manufactured by Indian companies and supplied to the rest of the world.
The GOI has a 'Pharma Vision 2020' which will benefit the industry in several different ways and boost their existing capabilities to make India the global leader in end-to-end manufacturing. Initiatives such as the Drug Price Control Order will work on making medicines available at affordable prices. Also, the 'Make in India' initiative aims to reduce the dependence on import of Active Pharmaceutical Ingredients (API) from other countries especially China.
The stability of this sector depends on the quality standards of manufactured drugs. The Indian Pharmaceutical Association (IPA) will need to create quality benchmark at par with global peers and set high standards for all companies operating in India.