Emerging Domestic Drug Manufacturing Market in India

Emerging Domestic Drug Manufacturing Market in India - The Indian pharmaceutical industry enjoys a superior position in the global healthcare market. It is the third-largest in terms of volume and the fourteenth largest by value. During 2019-2020, the total annual turnover of the Indian pharmaceutical industry was INR 2,89,998 crores. Its name also shines in pharmaceutical exports. Our country exports medicines to nearly 206 countries, including the United States - the largest export destination.

India has been a leader in vaccine manufacturing also, and it catered to more than 60% of the global vaccine demand. In the Union Budget for 2022, the Indian pharma industry was recognized as the emerging sector and contributed to the nation's economy. According to experts, it will grow threefold over the next decade. The economic survey for 2021-2022 says the Indian pharma industry will hit $65 billion by 2024. The explosive growth of the Indian pharma industry is due to domestic drug manufacturers.

Growth Accelerated During the COVID-19 Pandemic

The Covid-19 pandemic disrupted many industries, including the pharmaceutical industry. It exposed various gaps and vulnerabilities. However, it was the catalyst for change. Despite the challenges, the pandemic offered the opportunity to transform and modernize the pharma industry, which led to better catering to the populace's needs.

During the Covid-19 pandemic, there was an urgent call for new vaccines to combat the virus. It created unparalleled learning opportunities. The pharmaceutical industry learned the methods of providing continuous medicines, preventive healthcare, sanitization, and quarantine facilities. In addition, this industry came up with various innovative approaches to combat the novel coronavirus pandemic.

The coronavirus pandemic negatively impacted other industries. However, the pharmaceutical industry faced challenges, but it boosted its growth. In this phase, this industry got unparalleled opportunities to learn and master. If we sum up, the Covid-19 pandemic had a significant impact on the healthcare industry that accelerated its growth.

Chances to Excel in the Future

The growth of the Indian pharmaceutical industry is never going to stop. It will grow fast for various reasons, including the aging population, increasing disposable income, etc. However, the growth of this industry may get slowed if not focused on the key areas. The Indian pharmaceutical industry needs to focus on the key areas, including:-

• R&D: The Indian pharmaceutical industry needs to focus on innovation, research, and development. It requires an innovation pipeline with innovative product launches every time. For this purpose, this industry is entering the specialized drugs market and complex generics. It will enhance pharma's significance in innovation, new drug development, and biologics by using cutting-edge edge, with patients' needs on the top.
• Digitalization: To achieve sustainable patient care, transparency, improved productivity, and cost-effectiveness, a digital transformation is required. With adaptation to new technologies, such as artificial intelligence (AI) and machine learning (ML), pharma companies can improve R&D. In addition, they can execute clinical trials in less time and improve efficiency.
• Collaborations: During the Covid-19 phase, the cohesive cooperation between academia, industry, and the government proved to be a way of promoting research initiatives. For the fast growth, the Indian pharmaceuticals should continue this novel approach.

On the Final Note

The Indian pharmaceutical industry has undergone massive growth in recent years. It will grow tremendously in the upcoming year. However, it needs to focus on key areas to continue its explosive research. Being resilient is the success mantra that the pharma industry needs to adapt for better patient care. In addition, the Indian pharmaceuticals need to increase their focus on improved medical devices, biologics, diagnostics, drugs, and vaccines. Through it, the industry will be able to make quality and affordable products accessible to the populace. However, there should be no deviation in the manufacturing to achieve any goal. It must be conducted under supervision while adhering to the applicable norms.