India is a significant and exponentially growing player in the global pharmaceutical business. It is the world's largest supplier of generic medications, accounting for 20% of worldwide supply by volume, and meets about 62% of global demand for vaccines. According to the Indian Economic Survey 2021, the domestic market is predicted to triple in the next decade. Over the last decade, India has seen a surge in pharma sales, owing to continuous growth in exports, internal market expansion, and the most recent demand for innovative vaccines during the COVID-19 pandemic. India's position as one of the world's leading vaccine producers has earned many accolades globally. The government has also established a $2 billion incentive package to facilitate an Atmanirbhar Bharat by improving R&D, Make in India product creation and high-value manufacturing capabilities, import-substitution, and local manufacture of active pharmaceutical ingredients (API) from 2021-22 to 2027-28.
Darwin Platform Group of Companies, in collaboration with Republic Media Network, presents "Inventive India"—a unique initiative that delves deep and analyses the various sectors that contribute to building a nation. In the latest episode of the series, we explore the dynamics of India's ever-growing pharmaceutical sector. The episode had an esteemed guest panel that consisted of notable personalities like Dr. Balwant Harinath Singh, Vice-Chairman, Darwin Platform Group of Companies; B.R. Sikri, Chairman, Federation of Pharma Entrepreneurs (FOPE); and Kamal Mehrotra, Jt. Secretary & Convenor, AICOD. Each panelist shared their expertise and perspicuity on how the pharma sector is transforming India into a global hub.
"The Indian pharmaceutical industry has grown exponentially and exports have increased comparatively." In the last financial year, it was 20.4 billion. That increased to 24 billion in this financial year. Vaccination is another key aspect recently achieved by the Indian pharma industry, "says Dr. Balwant Harinath Singh, Vice-Chairman, Darwin Platform Group of Companies.
Experts predict the Indian pharmaceutical industry will touch $130 billion by 2030. With technological integration, healthcare will always take precedence in India's growth strategy. It is imperative that India re-evaluates its existing role in the global pharmaceutical industry and explores opportunities to consolidate and strengthen its position as a self-sufficient pharma superpower.