Delhi : The way India has emerged in the Corona era, it is achieving self-reliance in many areas. Pharmaceuticals are the most important part of India in such sectors. India is playing an important role in improving global health not only in the country but also in many countries of the world through its affordable and high quality generic medicines.
Pharmaceuticals exports up 66%
In fact, India is the world's power house in the field of pharmaceuticals. India manufactures about 70 percent of the medicines in the world. The Indian pharmaceutical industry is ranked 14th globally in terms of value and third in terms of size. According to a recent report, India's pharmacy industry registered a growth of 66% in India's pharmaceuticals exports. From $12 billion during April-January 2013-14 to $20 billion during April-January 2021-22. The export business of pharmaceutical and pharmaceutical products is one of the most liquid and lucrative export businesses globally, and it is still an easy option for any small exporter in India. The total annual turnover of pharmaceuticals for the year 2019-2020 was Rs 2,89,998 crore. The total pharmaceutical exports and imports in the year 2019-20 stood at Rs 1,46,260 crore and Rs 42,943 crore respectively.
India accounts for 60% of global vaccine production
The major components of the pharmaceutical industry are generic drugs, OTC drugs and API/bulk drugs, vaccines, contract research research and manufacturing, biosimilars and biologics. India is a global leader in the supply of DPT, BCG and measles vaccines. India accounts for 60 percent of global vaccine production, accounts for 40 to 70 percent of WHO's demand for diphtheria, tetanus and pertussis (DPT) and Bacillus Calmette-Guerin (BCG) vaccines, and 90 percent of WHO's demand for measles vaccines. is seeking.
India poised to become the 'Pharmacy of the World'
India is the largest provider of generic drugs globally. Access to affordable HIV treatment from India is one of the biggest breakthroughs in the medical field. India is one of the largest suppliers of low cost vaccines in the world. Due to the low cost and high quality, Indian medicines are preferred across the world, leading the country to become the “Pharmacy of the World”. The pharma sector currently contributes about 1.72% of the country's GDP.
Medical device manufacturing in India
The major manufacturing of medical devices in the country is presently in relation to catheters, perfusion sets, extension lines, cannulae, feeding tubes, needles, syringes and implants such as cardiac stents, drug eluting stents, intra-ocular lenses and disposables. Furthermore, medical equipment ranges from simple, low-risk devices such as medical thermometers, disposable gloves, etc. to complex, high-risk devices such as pacemakers, implants, ventilators, CT scans and MRI machines, etc.
Medical Device Industry Potential to Reach $50 Billion
According to the government, the medical device industry in India has the potential to reach $50 billion by 2025. India is the fourth largest Asian medical devices market after Japan, China and South Korea and is also among the top 20 global. Currently, Corona is exporting ventilators, PPEs, diagnostic kits, sanitizers and surgical gloves during the period.
Foreign Direct Investment (FDI) in the pharmaceutical sector
Pharmaceuticals is one of the top ten attractive sectors for foreign investment in India. 100% foreign investment is allowed under the automatic route in medical devices. Foreign investment up to 100% is allowed in pharmaceutical greenfield projects and for brownfield pharmaceutical projects, government approval is required for foreign investment from 74% to 100%.
Corona vaccine made available to half the countries of the world
Even in the era of Kovid 19, India has made not one but three vaccines, which are being used. Apart from this, many vaccine trials are still going on. With the introduction of vaccination in India, vaccine has been supplied to more than 95 countries and UN peacekeepers under Vaccine Maitri. Microsoft's co-founder Bill Gates also agrees with this capability of India. In the early stages of Corona, he had said that India's pharmaceutical industry has the capacity to produce Corona vaccine not only for its country but for the whole world. India has many pharmaceutical and vaccine companies, which are huge suppliers to the whole world. More vaccines are made in India than any other country. Serum Institute is the biggest name in this. Apart from this, many other companies like Bio E, Bharat Biotech and Zydus Cadila said that these companies are working to help in the manufacture of corona vaccine in the country.
India medicine for the world- PM
Speaking at the World Economic Forum in January, PM Modi gave the mantra of One Earth One Health. PM Modi said that in this time of Corona, we have seen how India, following its vision, is providing essential medicines to many countries. It is saving crores of lives by giving vaccine. The PM further said that "Today India is the third largest manufacturer of medicines in the world. In a way, India is medicine to the world. A strong democracy like India has given a beautiful gift to the whole world, a bouquet of hope. In this bouquet, we Indians have unwavering faith in democracy. In this bouquet is the technology that empowers the 21st century. In this bouquet is the mood of us Indians, the talent of us Indians.
Let's take a look at India's pharmaceutical exports to the world
India accounts for 20% of generic drug exports in the world
> Home to over 3,000 pharma companies with a strong network of over 10,500 industrial hubs
India is the largest vaccine producing country in the world
> Supplies 62% of global demand for vaccines
> Asia has the fourth largest medical device market
>12% of India's total global production goes to the US market
>The cost of manufacturing in India is about 33% lower than in the US
In addition, India sources 60,000 generic brands across 60 medical categories, as well as manufactures over 500 different Active Pharmaceutical Ingredients (APIs). India is currently home to over 3,000 pharma companies with a strong network of over 10,500 industrial centres.
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| India poised to become 'Pharmacy of the World' |