Last Updated on September 22, 2021 by The Health Master
India and Pharmacy Education: Chapter: 4
Continued……. India and Pharmacy Education: Chapter: 3
I hope the readers are well versed with the meaning of world Pharmacy. Now, we may talk of Indian Pharmaceutical Industry. Though I had given a glimpse in the first chapter, today I shall talk about the picture of Indian Pharmaceutical Industry in detail.
The Indian Pharmaceutical Industry is growing continuously over the past few years and is ranked at position 3 in terms of volume of production. The important segments are generic drugs, OTC medicines, bulk drugs and now vaccine, Contract Research Manufacturing and biosimilars.
Our country has the 2nd highest number of USFDA approved plants. The medicines manufactured in India are preferred worldwide. Pharmaceutical sector has become one of the top ten attractive niches for foreign investment in India.
Exports from India has reached more than 200 nations around the world, including markets of the USA, Japan, West Europe and Australia. The rise has not stopped here and expected to reach 65 billion USD by the year 2024.
The tremendous progress in infrastructure development has been possible due to various factors. Some of these are consistent efforts of the pharma professionals, skilled domestic workforce, Government Initiatives for Research and development, low cost of manufacture, scientific talent pool and a rich of experience of manufacturing as per international norms.
India is an excellent center for clinical trials due to the diversity in population. From medical writing to site management, data management, regulatory submissions to patient recruitment the expertise present in the various CROs meets the highest standards of stringent regulatory conditions internationally.
Biotechnology industry consisting of biopharmaceuticals, bio-services, bio-agriculture, and bioinformatics is also growing at high pace and is expected to reach 150 billion US dollars by 2025.
We are really fortunate to be associated with the Industry which never saw the dusk even in the economy failure, which is purported to eradicate the diseases and misery of life and serve the humanity.
To be continued……. India and Pharmacy Education: Chapter: 5
By Dr. Kumud Madan
Author is Associate Professor at Lloyd Institute of Management and Technology (Pharm.) Greater Noida, India