Last Updated on September 9, 2024 by The Health Master
Pharma Industry
Indian pharma industry is poised to solidify its position as a global leader, according to K Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
Speaking at the conclusion of the iPHEX 2024 event, Bhanu highlighted India’s pivotal role in driving healthcare advancements and economic growth worldwide.
A Growing Global Presence
The global pharmaceutical market is experiencing significant growth, projected to reach USD 1,922 billion by 2028, driven by a rising demand for generic drugs.
The generic drug segment is expected to witness substantial expansion, growing from USD 482 billion in 2023 to USD 664 billion by 2028.
The Asia-Pacific region dominates the global generic drug market, followed by Europe and North America.
Indian pharma industry has played a crucial role in this growth, with exports rebounding to pre-pandemic levels and surpassing USD 27.9 billion in FY24.
This represents a remarkable increase of over 90% from FY14 to FY24. India’s pharmaceutical production ranks third globally by volume, cementing its status as a major player in the healthcare industry.
A Global Health Leader
Indian pharma industry has made significant contributions to global health.
They supply approximately 47% of generic prescriptions in the United States and produce 15% of the world’s biosimilars.
These medicines have provided substantial savings to healthcare systems worldwide.
In 2022 alone, Indian-made medicines saved the US healthcare system USD 219 billion, with cumulative savings projected to reach USD 2.6 trillion over the next five years.
India’s role in global health initiatives was further highlighted during the Covid-19 pandemic.
The country exported 2.3% of global Covid-19 vaccine doses through programs like Vaccine Maitri and COVAX.
Additionally, India committed over USD 100 million to health projects in South and Southeast Asia and Africa.
Innovation and Advancement
Indian pharma industry is also at the forefront of innovation.
NexCAR19, the country’s first indigenous CAR-T therapy, developed through a collaboration between IIT Bombay, Tata Memorial Centre, and ImmunoACT, is a testament to India’s potential in pioneering affordable and cutting-edge therapies.
Expanding Global Reach
India’s pharmaceutical exports have reached over 200 countries, with a significant portion going to highly regulated markets like North America and Europe.
The United States remains India’s largest pharmaceutical export partner.
India has actively engaged in trade agreements with countries like the UAE, Australia, and the European Union to enhance market access and trade partnerships.
Future Outlook
As India continues to strengthen its position in the global pharmaceutical market, K Raja Bhanu emphasized the importance of sustained innovation, strategic partnerships, and adherence to regulatory standards.
By focusing on these areas, India can maintain its leadership in global healthcare solutions and contribute to improving health outcomes worldwide.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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