The pharmaceutical industry across the world has been impacted to a great extent after the unprecedented Covid-19 pandemic. In this illness, the pharma manufacturers in India have responded with great agility to supply quality medicines to all. According to available data, the goals established by the Indian Pharmaceutical Alliance (IPA) have defined the advances made in the healthcare sector and even identified its potential.
What are the drivers of growth for Indian pharmaceutical industry?
According to the available information from the pharmaceutical sector, the key drivers for the rise of the Indian pharmaceutical industry include,
- New innovative products
- Increased foothold in the markets of China and Japan
- Increasing economic growth in India
- Strong growth in the US market
As India is well-known for supplying effective medicines for a very long time, there has been growth in pharmaceutical contract manufacturing in India to meet the increasing demands.
To ensure they are met, the alliance has set the following four goals:
- Become a global drug supplier:
The pharma manufacturers in India should aim to become the world’s largest supplier of medical drugs by volume
- Affordable and high-quality medicines:
The Indian pharma suppliers should reduce the cost of their medicines if they want to reach a wider audience for promoting healthcare
- Be world leader:
The focus should be on the launch of 10-12 innovation centres and 3-5 molecular entities per year by 2030
- Contribute to the economy:
As per available reports, the Indian pharmaceutical industry is currently valued at 11 billion dollars and it aims to bring even more income to the nation in the upcoming years
According to the available information, the Indian pharma industry is expected to witness a compounded annual growth of nearly 12 per cent and reach 130 billion dollars by the end of this decade which is 2030.
What proposals should the Indian pharmaceutical industry follow?
According to industry experts, Indian pharmaceutical manufacturers need to refocus on certain points if they want to propel the growth of the pharmaceutical industry. They should give extra attention to the four pillars namely, Research and Development through Innovation, Manufacturing and Supply Chain, Market Access and Healthcare Delivery. The IPA emphasizes making bold strategic moves for the growth of the pharmaceutical industry. It includes:
- Establishing a ministry of pharmaceuticals
- Asking the Indian Pharmaceutical Industry to focus on API manufacturing instead of imports
- Build pharma parks in various states for the competitive advantage
- Simplify the regulatory approval processes
- Increase investment in R&D fields instead of generic medical products
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