India is extremely cautious in resisting the transmissible spread of coronavirus compared to other developed countries like the United States, China, etc. The nation is consistently restricting mobility from a foreign land, tracing contacts, executing lockdown, and so on. The top medicine exporter from India is making efforts to send necessary medicines to other countries.
India is in a better position in restricting the virus spread by taking all the precautions. The nation is experiencing lesser death. It has created ample opportunities for Indian pharmaceutical exports. The firms have achieved 15.3%in the financial year of 2020-21. Pharmaceuticals Export Council of India, Pharmexcil has opined that the Indian pharma export firms can reach the mark of $25 billion.
Pharmexcil’s view about Indian pharma exporters:
The director-general of Pharmexcil, Mr. R UdayBhaskar opined that generic formulations cover over 70% of pharma exports of India. The exports of pharmaceuticals in the financial year of 2019 and 20 reached $20.5 billion of which over 75% are generic formulations. Vaccines and APIS are also exported. Approximately $28 billion can be touched by FY22. The medicine manufacturers in India produce pharma products at a large scale.
Investment in the healthcare sector:
The investors are showing more interest in investing in other nations’ outward development of healthcare sectors. It is due to the present advantage of India with respect to pharmaceutical production. India is providing medical training and sending technical expertise to other nations where the healthcare system is not up to the mark.
In fact, many international NGOs and non-state actors dealing with public health are making use of generic drugs produced in India. The affordable cost of treatment is the primary reason behind it.
To take a few names, a humanitarian organization named Doctors without Borders has done an estimation concerning AIDS treatment with the use of generic drugs from India which is at least two to three times affordable compared to other brands of other developed nations. This is not the end as globally recognized organizations like UNITAID and UNICEF depend heavily on Indian generic drugs for various programs.
Indian pharmaceutical company has great potential for trading:
The pharmaceutical companies in India have greater potential in increasing trade partners domestically and internationally. The government is giving encouragement through investment in the research and development of the pharma sector in India. Medical colleges and universities are progressing in this regard. The Indian government is providing a large number of incentives to the private sector for increasing pharma production for the purpose of export.
Medicine manufacturers in India are successful in multiple ways:
India is undoubtedly growing as a pharmaceutical supplier. It has become the largest generic medicine provider in the whole world. The country is presently occupying approximately 20% share in the worldwide supply by volume. Indian medicine manufacturers are supplying 62% of the global demand for necessary vaccines.
Currently, India holds the 3rd rank globally for pharma production by volume. Also, the nation holds 14th rank for production by value. The largest number of pharma plant which is US-FDA compliant are located in this country. The number exceeds 262 which includes APIs.
Presently, India is blessed with:
- 2000+ WHO-GMP approved pharmaceutical plants
- 253 European Directorate of Quality Medicines approved plants
- 60,000 generic brands covering 60 therapeutic categories
- 500+ Active Pharmaceutical Ingredients or APIs
The API industry in India ranks 3rd in the world as it contributes 57% of APIs to WHO’s prequalified list.
Pharma company in India in post coronavirus world:
Though we are still being forayed by COVID 19, yet the consistent growth of the pharmaceutical medicine suppliers from India has shown a positive light on the development of the pharma industry. The whole world is giving attention to the evolution of healthcare right now to curb the current COVID 19 and upcoming horrors.
Global public goods including healthcare security is urging nations to look for partners with a competitive advantage in offering medical expertise for proper treatment, essential drugs, capacity building for in-state medical aids, offering medical service to other countries, etc.
The top pharma companies in India are doing extremely well in the sphere of pharmaceutical exports and medical tourism. They are working very hard at meeting the fundamental aim of offering global clients with utmost flexibility, adaptation, and detailed focus on all the steps. The investors and clients using drugs manufactured by these pharmaceutical medical suppliers are getting the best return on investment.
Countries like UAE, Mali, Zimbabwe, Nigeria, Sri Lanka, Vietnam, Afghanistan, Kuwait, and many other nations are coming forward to import generic medicines, injectables, APIs, and other pharmaceutical products from India at a reasonable price. Therefore, medicine manufacturers in India need wide-ranging reorientation in the global commitments and priorities ranging from domestic and international channels.