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Globally, India ranks third in pharmaceutical production by volume and 14th by value. The country has an established pharmaceutical industry, with a strong network of 3,000 drug companies and approximately 10,500 manufacturing units. According to the Indian Economic Survey, 2021, the domestic market is expected to grow threefold in the next decade. India’s pharmaceutical market is estimated at $42 billion in 2021 and likely to reach $65 billion by 2024 and further expand to reach around $120-130 billion by 2030.
Over the last year, the Indian pharmaceutical industry played a crucial role in developing diagnostic tests and manufacturing therapeutic drugs for COVID-19 treatment. The pandemic has pushed India to expedite focus on pharma research and development (R&D) to become more independent. The aim of developing indigenous COVID-19 vaccines has boosted the country’s confidence towards indigenous research and development and this momentum is likely to continue.
The FY20-21 saw pharma companies like Sun Pharma, Dr. Reddy’s Labs, Cipla and Cadila Healthcare at the forefront in providing therapeutic drugs for treating patients afflicted with COVID-19 in India. In addition, the R&D team at Cipla and Cadila Healthcare worked towards developing indigenous diagnostic solutions to combat the raging disease.
Simultaneously, FY20-21 saw many leading pharma companies such as Aurobindo Pharma, Cadila Healthcare, Dr. Reddy’s invest heavily in R&D and manufacturing of different COVID-19 vaccine technologies, either in partnership with the government, with global counterparts or on their own.
This story is from the September 2021 edition of Bio Spectrum.
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This story is from the September 2021 edition of Bio Spectrum.
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