What is the importance of pharmaceutical industry in India?

What is the importance of pharmaceutical industry in India?

The Importance of Pharmaceutical Industry in India is undeniable and India is the home to top most technology and knowledge resource for the life science. This ever growing world-class scientific research base has been widely instrumental in the development of innumerable life-saving and anti-fungal drugs. With the rapid growth of Indian Pharmaceutical Industry the quality sectors of Pharmaceuticals have grown tremendously. This has become one of the fastest growing sectors in India, which has helped its economy to grow at a phenomenal pace and has attracted millions of skilled manpower from all across the globe for better employment opportunities.

The Indian Pharmaceutical Industry has a turnover of US$ 38 billion per year and it is the second largest in the world in terms of volume. It includes more than 3,000 manufacturing units and over 10,000 pharmaceutical manufacturing plants globally. It has a major share in the global drugs market, which is estimated to be nearly 80 percent of the total drugs sales in 2021. The emergence of Indian Pharmaceutical Industry has been primarily due to globalization and liberalization policies supported by the global pharmaceutical organization. This policy has opened enormous opportunities for all pharmaceutical manufacturing companies to expand in India and reach out to the local market. As a result Indian drugs are now readily available in other developed countries like USA, UK, Japan and China.

The pharmaceutical industry in India is highly diversified and it includes several sectors such as Biotechnology, Nanotechnology, food additive industries, nutrition, personal and cosmetic products, agriculture, forestry, fishing, wildlife, veterinary science etc. As far as the scope for Indian pharmaceuticals is concerned, the scope is significantly huge as almost every country in this region has been utilizing this resource effectively to develop important medicines for the national security. The top three priority sectors of the global pharmaceutical industry that are greatly utilized by the Indian drugs are Biotechnology and Nanotechnology. Let us take a brief look at each of these.

Biotechnology: India is a well-developed country and the scope for pharmaceutical research and development is limitless. A major part of this growth of the Indian economy is attributed to the ever increasing interest of the international community in developing new medicines and getting rid of the deadly diseases. India is now emerging as a front runner in the field of biotechnology and the number of pharmaceutical companies that are growing in this sector is truly impressive. According to a report by the pharmaceutical research industry association (PRIA), there is no other country in the whole world that is able to cross the 50th anniversary mark with the use of genetic engineering techniques. India has successfully developed the B gene or the DNA into a suitable form that can be used in the production of various essential medicines and it has ensured that the genetic engineering technique is used to make the safety standards of the domestic and the foreign drugs very high.

Nanotechnology: It has emerged as the fastest growing field in the field of science and medicine. The main aim of the Indian pharmaceutical industry is to utilize the Nano technology to produce effective medicines that have astounding health benefits. This technology has immense potential and it is being increasingly used in many of the sectors of science and medicine like condensed biology, genetic engineering, drug design and biotechnology etc. In fact, it is estimated that by the year 2021, India will emerge to be the top producer of electronics and electronic components.

Top Pharmaceutical Companies: The rising popularity and the rapid growth of the pharmaceuticals in India are mainly responsible for it. However, the emergence of big names in this segment is not surprising anymore. At the time of Independence, it was the Indian armed forces that provided the bulk of medicines that were required. The pharmaceutical manufacturing companies of India today are at par with the best of its counterparts across the globe. Some of the well known brands that have created a stir in the market include Bharti Abrasive Medicines, Jansi Abrasive Medicines, Sanafoam, Garaventa and many more.

Other sectors: The booming and bringing IT sector in India is also a major contributor to the rise of the Indian pharmaceutical sector in the global arena. This sector is witnessing a tremendous growth and the professionals employed in it are recruited worldwide. Another contributing factor is the liberalization policies being implemented by the Indian government. It is true that many restrictions that used to restrict the entry of foreign direct investment (FDI) in the Indian pharmaceutical sector have been relaxed.

However, all these factors are yet to take the lead. The major contribution has to be made by the pharmaceutical graduates who are being groomed by the Indian pharmaceutical institutes. These youngsters are crafting cutting-edge medicines and are carving a niche for themselves in the global market. Indian researchers are consistently coming out with innovative and new medicines, generating more number of job opportunities for the pharmaceutical graduates. With all these attributes, the Indian pharmaceutical industry is expected to witness the fastest pace of growth in the medical world.

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