Pharmaceutical Industry

Overview

India stands as a global leader in providing generic drugs, making essential medications affordable and accessible to a vast population. The Indian pharmaceutical industry, evolving steadily, has secured its position as the third-largest producer of pharmaceuticals by volume, boasting a growth rate of 9.43% CAGR over the past nine years. Major segments of the Indian pharma industry encompass generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research and manufacturing, biosimilars, and biologics.

India's pharmaceutical landscape showcases compliance and adherence to stringent global standards. A testament to this is the significant number of pharmaceutical manufacturing facilities in India meeting the requirements set by the US Food and Drug Administration (USFDA). Additionally, the country hosts around 500 Active Pharmaceutical Ingredient (API) producers, contributing a noteworthy 8% to the global API market.

The impact of India's pharmaceutical sector reverberates globally. The country caters to over 50% of the world's demand for various vaccines, addresses 40% of the generic demand in the US, and tends to 25% of the UK's medicine needs. With a robust network comprising approximately 3,000 drug companies and about 10,500 manufacturing units, the domestic pharmaceutical industry fortifies India's significant standing in the global pharmaceutical landscape.

India's pharmaceutical industry is at the forefront of combating critical health issues. Over 80% of the antiretroviral drugs used worldwide to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms. The country rightfully holds the moniker "pharmacy of the world," owing to its capability to provide high-quality medicines at an economical cost.

In the midst of an evolving healthcare landscape, India's pharmaceutical sector is poised for tremendous growth and innovation. With a relentless focus on offering innovative therapies to patients, the Indian pharmaceutical market is estimated to surge to a value of US$ 130 billion by the end of 2030, as indicated by a recent EY FICCI report. Concurrently, the global market for pharmaceutical products is set to surpass the remarkable US$ 1 trillion mark in 2023, underlining the sector's undeniable influence on global healthcare. The journey ahead promises exciting prospects as India's pharmaceutical industry continues to scale greater heights, ensuring the well-being of millions worldwide.

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Market Size

Indian Pharmaceutical and Biotechnology Industries: A Global Force

The pharmaceutical and biotechnology industries in India are thriving, poised for exceptional growth and global impact. The Indian pharmaceutical market is on a trajectory of significant expansion, expected to reach an estimated US$ 65 billion by 2024 and an impressive ~US$ 130 billion by 2030. Government data showcases that currently, the Indian pharmaceutical industry is valued at approximately US$ 50 billion, with a remarkable US$ 25 billion stemming from exports. India plays a substantial role in global pharmaceutical exports, meeting about 20% of the global demand for generic drugs.

In the realm of biotechnology, India holds a prestigious position, ranking among the top 12 global destinations and standing as the 3rd largest destination for biotechnology in the Asia Pacific region. In 2022, India's biotechnology industry surged to an impressive US$ 80.12 billion, marking a remarkable 14% growth from the previous year.

Pharmaceutical Insights: A Glimpse into the Indian Pharma Landscape

The biosimilars market in India is a notable segment, projected to witness a compelling compounded annual growth rate (CAGR) of 22%, potentially reaching an impressive US$ 12 billion by 2025. This would represent a significant portion, nearly 20%, of the entire pharmaceutical market in India. India solidifies its position as a global leader in Active Pharmaceutical Ingredient (API) production, contributing 8% to the global API industry. With over 500 different APIs manufactured in the country, India accounts for 57% of APIs on the WHO prequalified list.

The medical devices sector is another crucial facet of the pharmaceutical landscape in India, currently estimated at US$ 11 billion. Although its share in the global medical device market stands at 1.5%, it is expected to increase at a compelling CAGR of 37% from 2020 to 2025, potentially reaching a market value of US$ 50 billion.

Global Influence: India's Reach in the Pharma Sector

Indian pharmaceutical companies hold a significant share in the prescription markets of the US and EU. Notably, India boasts the largest number of FDA-approved plants outside the US, underlining its commitment to international quality standards. The global pharmaceutical sector recognizes India's prowess, acknowledging it as the largest supplier of generic medications, providing 20% of the worldwide supply by volume and addressing about 60% of the global demand for vaccinations. The Indian pharmaceutical sector's impact is felt globally, boasting a worldwide worth of US$ 42 billion.

In the global pharmaceutical sector, India is a formidable and burgeoning player. Its influence in supplying generic drugs and meeting the global demand for critical medications showcases its growing prominence. The Indian pharmaceutical sector's worth continues to rise, promising a future of innovation, quality, and accessibility, as it expands to reach 13% of the global pharma market. As the industry evolves, India's pharmaceutical and biotechnology sectors are on an upward trajectory, ready to contribute to a healthier and more accessible future.

Advantage

Cost Efficiency: Affordable Healthcare at Scale

India's healthcare success story is profoundly rooted in cost-efficiency. Access to affordable HIV treatment, emblematic of India's healthcare achievements, is a testament to the country's prowess in providing healthcare solutions at a fraction of the cost. Being a major global supplier of low-cost vaccines, India is recognized as the 'Pharmacy of the World,' owing to the combination of high-quality and cost-effectiveness inherent in its pharmaceutical products.

Economic Drivers: Fueling Growth

Economic factors play a pivotal role in propelling the pharmaceutical industry. Collaborations and partnerships, like the MoU signed between Tata Memorial Centre of India and Vietnam National Cancer Hospital, foster knowledge exchange, scientific research, and advancements in healthcare services. Forecasts predict the Indian Pharma Industry to reach an impressive market size of US$ 130 billion by 2030, showcasing the robust economic trajectory of the sector.

Policy Support: Nurturing Growth through Regulations

Strategic policy support is a cornerstone for the growth and development of the pharmaceutical industry. Initiatives like the 'Strengthening of Pharmaceutical Industry (SPI)' scheme and the 'Pradhan Mantri Bhartiya Jan Aushadhi Kendras (PMBJKs)' program are designed to enhance productivity, accessibility, and quality of pharmaceuticals. The recent approval of the National Medical Devices Policy, 2023, further underscores the government's commitment to ensuring accessibility, affordability, quality, and innovation in the medical device sector.

Increasing Investment: Attracting Capital for Progress

Investments are crucial for the growth and sustainability of the pharmaceutical industry. India has facilitated investments by allowing up to 100% Foreign Direct Investment (FDI) through the automatic route for Greenfield pharmaceutical projects. The cumulative FDI equity inflow in the Drugs and Pharmaceuticals industry has been substantial, reflecting international confidence and participation in India's pharmaceutical landscape.

The harmonious interplay of cost efficiency, economic drivers, policy support, and investments forms the bedrock of India's pharmaceutical success. As the sector continues to evolve and expand, these factors will remain instrumental in shaping a healthcare landscape that is not only efficient and accessible but also financially sustainable and globally competitive.

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