The Pharma sector is India’s largest economy-producing sector. It has shown significant growth in India’s domestic and global markets.
India Ranked on Top among the Global Pharma Market in 2023
In the dynamic landscape of the pharma sector, India emerged as a leading player in 2023, maintaining its position at the top of the Global Pharma Market. India’s pharma industry has seen remarkable growth this year with great innovation, affordability, and huge manufacturing opportunities.
According to Invest India, The pharmaceutical industry in India is expected to reach $65 billion by the end of 2024 and $130 billion by 2030.
According to the Economic Times’s annual report 2023, the Pharma Industry contributed about 2% to India’s GDP and 8% to merchandise exports. The domestic industry contributes 3.5% to the global export of drugs and medicines.
One of the main characteristics of India’s pharma business success story is its vast medicine manufacturing units. Did you know? India has always been known as the “PHARMACY OF THE WORLD” as a contributor of good quality medicines to different nations at very affordable prices, which is helping other nations to improve the quality of their healthcare services.
Moreover, India’s pharma industry played a significant role in R&D research & development, mainly in developing generic alternatives to complex medicines. The research conducted by pharmaceutical companies resulted in the manufacturing of various novel tablets, which positioned India at the global top.
Talking about the COVID-19 pandemic, many Indian companies contributed to the development of vaccines & worked as a unit to provide these solutions in the global market. This factor in turn played a major role in the development & innovation of the pharma industry in India.
India climbed higher in the global market rankings, achieving a huge number of investments and partnerships from MNCs across the world. With its latest technology and manufacturing advancements, the nation has now become a go-to for strategic pharma partnerships. Moreover, India’s focus on healthcare development and innovations such as the National Health Protection Scheme (Ayushman Bharat) contributed to the growth of its pharmaceutical market. These efforts not only opened gates to many pharma manufacturing companies but also created an impulsive environment for them to be at the forefront.
In the year 2023, India continued to maintain its position as a leader in the Pharma Industry, let us see some of the statistics:
1) Market Share:
The Indian pharma industry maintained a huge market share globally and contributed about 20% of the global generic medicine market. India is considered the largest supplier of generic medicines worldwide.
2) Exports:
India exported generic medications to over 200 countries including both developed and developing markets by increasing its reach and market penetration. India is now setting standards to reach new heights in 2024 by contributing to a significant portion of total exports.
3) Manufacturing Capacity:
India’s manufacturing capacity in the pharma industry continued to expand. The country ensured the supply of affordable healthcare solutions to various parts of the world, prioritizing to maintain the quality standards, efficacy, and safety of its pharmaceutical products.
4) Innovation in R&D:
Indian pharma companies invested their maximum time in research and development (R&D) and invented generic formulations, receiving approvals for the launch of some patented drugs.
5) Partnerships and Collaborations:
Indian pharma companies invested in strategic partnerships and collaborations with MNCs for the transfer of technology, research, and market expansion. This enabled the pharma companies to enhance their global competency.
Overall, in 2023, India’s rankings in the generic pharmaceutical sector remained prominent, driven by its strong manufacturing base, innovation capabilities, regulatory compliance, and commitment to affordability and accessibility in healthcare.
In API Industry
In 2023, India continued to be a leading global manufacturer of Active Pharmaceutical Ingredients (API). Here are some key rankings and achievements:
1) Market Share:
India played a significant part in the global API market by supplying approximately 20-25% of API’s. This large market share highlighted the important role of India in the steady supply of raw materials to pharmaceutical companies worldwide.
2) Investments and Infrastructure:
Various pharma companies expanded their manufacturing capacities, modernized their facilities, and invested in the latest technologies to increase efficiency and efficacy.
3) Innovation and Research:
Indian API manufacturers invested in innovation and R&D activities to stay ahead in the game of manufacturing and introduced new API’s to the market.
4) Government Support:
The API industry gained major support from government schemes such as the Production Linked Incentive (PLI) scheme which helped the companies to reduce their dependence on imports. This helped the API manufacturers to attract more investments.
Growth
Unimarck Pharma stands as a market leader in India’s pharmaceutical sector. With a mission to bring a change in the pharma industry globally, we encourage the important role of growth in enhancing healthcare facilities. With our dedication to excellence and resources, we have not only raised healthcare standards within India but also played a major role in becoming a huge part of the nation’s economic prosperity and advancement.
Conclusion
In 2023, India’s pharmaceutical market emerged as a major player globally in the areas of innovation, affordability, and a commitment to public health. With high investments in R&D, technology, and infrastructure, India will continue to maintain its position in the years to approach.
