The world needs more medicines at an affordable price and no country is better than India to serve them. India’s strength lies in the export of generic pharmaceuticals. The manufacturers and the government have to focus more on the production of excellent quality drugs if India has to remain ahead of China for long in the future.
Facts about best exporters for vitamins from India:
India has exported $651 million worth of pharma products to Latin America in 2016.It is bigger than China’s $404 million. In the last five years, India has gracefully beaten China in the matter of exporting pharmaceutical products to Latin America. Most importantly, India imports raw materials in bulk from China and converts them into high-quality finished products, and finally exports the products.
India is a country that exports generic drugs to other countries. So, the government of Latin America along with the citizens has a positive view of India as they think this country is a vital contributor to their objective for reducing the healthcare cost. The pharma companies of India are getting encouragement from Brazil and Chile to enter into their countries for pressurizing the MNCs and local medicine producers for boosting the availability of generics and lower the medicines’ cost.
India: An important drug supplier to foreign countries:
India is known to be a major supplier of bulk medicines, especially API to the drug manufacturers of Latin America. The worth of bulk drugs is more than $300 million. It let the drug manufacturers of Latin America to lower their production cost.
In fact, there are some pharma companies in India that have set their manufacturing plants in Argentina, Brazil, and Mexico. These units export drugs to the US and other countries along with supplying to the local medicine market. There are certain multivitamin tablet manufacturers from India that have earned respect from the global market.
The positive perspective and success of the Indian pharmaceutical industry have supported in boosting the image of other Indian organizations in Latin America. People from other industries have gained confidence on Indian products apart from medicines.
India is leading China in the matter of pharmaceutical products:
India has won over China in the export of pharmaceuticals globally. In the year 2016, the pharma exports of India were $13 billion of worth, whereas, China’s worth was only $7 billion. The most amazing fact is India stands 10th as the pharma exporter in the whole world. China is at 16th rank.
Let’s talk about other importers:
India stands 4th as a pharmaceuticals supplier to the US. The worth of exports is $5.1 billion. On the other hand, Chinese export worth to the US was just $1.1 billion. This is the fact of 2016. 30% of the generic drug import of the US occurs from India. India boasts the largest number of US FDA approved pharmaceutical units outside the US. It was over 200. Some big Indian pharmaceutical firms have successfully established their manufacturing units in the US.
The pharma firms including Vitamin C manufacturing companies in India have surpassed China in the matter of exports to the EU. In the year 2016, the worth of export from India was $1.56 billion, whereas, the worth of China’s export was $1.36 billion. The pharma exports of India in Africa were worth $2.8 billion, and China’s was only $618 million.
Do you know which country is the second-largest market for pharma exports from India? It is the UK. In 2016, its worth was $464 million. Others are Australia that stood at $220 million, France stood at $145 million, Germany stood at $161 million, Belgium stood at $125 million, Netherlands stood at $143 million, and Canada stood at $143 million.
Half of India’s total pharmaceuticals production is for export:
More than 50% of the global exports of India are covered by the rigorously-regulated western markets and the US. So, India has earned trust from other countries in terms of quality and affordability.
India- The largest exporter of generic medicines in the world:
Be it Vitamin C tablet manufacturers in India, or other medicines’ producers, around 20% of the volume of global export is covered by the pharma industry of India. The basic reasons are the low production cost and ample of human and technical resources. India has finely gained a competitive advantage in the field of generic medicine export. In this time of Corona Pandemic, the Zinc tablet manufacturers in India along with other generic drug exporters have successfully lowered the healthcare costs in developed countries such as the US, the UK, etc. Many western NGOs and other foundations purchase Indian generics for use in their healthcare activities in Africa. Overall, it can be concluded that India is the best global exporter of Vitamins and generic drugs and serving multiple countries simultaneously with high-quality drugs at affordable costs.