Leapfrogging into the Future of Indian Pharma

Leapfrogging into the Future of Indian Pharma – The Indian pharmaceutical industry has experienced a great acceleration in the last 2 decades. Almost 2 decades ago, nobody could have even imagined such a sublime boom and expansion of the pharma sector in India. This industry has grown leaps and bounds. India is on the verge to become the global leader in all aspects of the healthcare sector like the way we witness during the Covid-19 pandemic when India supplies tons of vaccines to other countries. Currently, the Indian pharma sector stands in the 3rd place for manufacturing by volume and fulfilling nearly 20% of the global demand of the generic market in context to the volume worldwide. So, if you are curing to know more about the future, growth, and expansion prospective of the pharma sector in India, then here we are Leapfrogging into the Future of Indian Pharma.

The Indian pharmaceutical industry is working with a wide and strong network of more than 3100+ pharma companies and about 10, 500 manufacturing premises spread across PAN country. This provides India an unbeatable advantage over its competitors on the global stage. The current Indian market is valued at nearly $15 billion and it has witnessed a superb surge in terms of growth and expansion, especially after the pandemic. Having said that, the Pharma Industry in India is likely to flourish with respect to production and exports. Thus, Leapfrogging into the Future of Indian Pharma only provides us with positives, and encouraged innovation, more R&D, and growth.

Key Factors Responsible for Such Growth & Expansion of Indian Pharma

Over the last two decades, the Indian pharma industry is experienced a booming phase. There has been a regular and undisturbed product flow cycle and more and more investors are investing in this business industry to meet the unmet requirements of people. But there are several key factors that are reasonable for such astonishing growth & expansion of the Indian pharma. These factors are the key drivers that drive the healthcare sector in the country.

The pandemic-accelerated pharma sector is adapting to new technologies, artificial intelligence, new manufacturing methodologies, high-end quality checks, digitalization, etc. Leapfrogging into the Future of Indian Pharma shows sublime growth at a robust CAGR. So, down below we have listed the key factors that drive the growth & expansion of Indian pharma:

1. The Indian pharma industry is reimagining the methods of production and manufacturing.
2. The pharma industry is embracing advanced technology and following a technology-driven approach.
3. New markets are being discovered to unlock new growth and expansion opportune ties.
4. Product development, advanced distribution, and manufacturing advancements are leading this industry to new heights.
5. The usage of artificial intelligence has enhanced the efficiency and effectiveness of the Indian pharma industry.
6. India has created a global dominance as the export industry stood at nearly $24.44 billion in the financial year 2021.

Crucial Aspects of Indian Pharma

The continuously transforming landscape of the Indian domestic pharma industry has witnessed a growth of about 9.8% every year. This rapid transformation from being an importer to one of the biggest exporters has become possible due to excellent governance, deploying initiatives, and quality management.

1. The pharma companies in India are now looking to new markets for business growth and expansion purposes. Drug innovation, testing, and development is consistently taking place all over the counter but still, the country is lagging in the NMEs (new molecular entities) and API (active pharmaceutical ingredients.
2. Now-a-days, there has been a signjificaing shift in the Indian healthcare ecosystem due to digitalization. Digitalization has also cut down excess costs, increase operational efficienct, enhanced management and much more.
3. The establishment of more and more top-class medical institutes, hospitals, and academic institutions is another factor that drives the growth expansion of Indian Pharma. But Leapfrogging into the Future of Indian Pharma, we can say that to become a global intellectual force, India still needs class research institutes, labs, and international level research centers. In addition to this, India needs quality policies and superior infrastructure to improve research and commercialization.
4. The government of the country is continuously fabricating such an environment that supports the smooth business operation by launching several initiatives, providing tax concessions, and promoting indigenous manufacturing of medical formulations and API. The Government of India has launched the incentive linked to manufacturing of generic drugs through “Jan Aushadi initiative”. Apart from this, the regulatory authourities in india are taking the right stpes in the nright direction and in the right time to build competitiveness of the Indian Pharma sector.
5. The Indian phrma companies can now connect with the global firms for third party manufacturing, licensing or franchise opportunities.

Bottom Line

Leapfrogging into the Future of Indian Pharma, we can say that India is developing and so is the Indian Pharma industry. But there are still room for improvements and advancements. India need to enhance its R&D and delvelop ned medicines, medical equipments, vaccines, etc. Doing this will enance quality and addordability. Further, there is a dire need to fabricate synergy inbetween research labs and academies. Such things will take Indian to a position of the world’s biggest provider of quality and safe drugs across the world.