The Indian pharmaceutical industry has gained global recognition for several reasons
- Cost-Effective Manufacturing: India has a strong manufacturing base, allowing it to produce drugs at significantly lower costs compared to other countries. This cost-effectiveness extends to both generic drugs and active pharmaceutical ingredients (APIs).
- Generics Production: Indian pharma companies are major players in the production of generic drugs. They supply around 20% of the world’s generics, making essential medications more accessible and affordable globally.
- Vaccine Manufacturing: India is the world’s top vaccine manufacturer. It plays a crucial role in producing vaccines for various diseases, including those used in global immunization programs.
- Strong Export Market: Indian pharma companies have expanded their capacities and gained a global reach. Economic liberalization in 1991 opened up opportunities for export growth, leading to India becoming a significant exporter of pharmaceuticals.
- Research and Development (R&D): While initially focused on generic drugs, Indian pharma companies have increasingly invested in R&D. Some companies develop their own new molecules, contributing to innovation in the industry.
In summary, India’s pharmaceutical industry is popular due to its cost-effectiveness, generics production, vaccine manufacturing, and growing global presence