The need of India to produce a huge amount of generic drugs perfectly lines up with its aim to become the most promising bulk, generic drug exporter, to markets of Africa, Qatar, Thailand, etc. Giving importance to this context, the nation has to embrace the economy and focus on producing bulk drugs to give the toughest competition to China and other countries. The government and the private generic medicine supplier are adopting distinct policy measures to generate new formulations and export bulk drugs.
Pharmaceutical as a component:
The trade expansion strategy of India considers pharmaceutical as a key component. The country has an objective in respect to the wider diversification of the medicine export profile given consideration to destination and products.
The global demand of exporting drugs has risen and so the nation is pushing its focus mainly on pharmaceuticals. By 2030, the pharma industry of India is hoping to become the largest drug supplier of the world. The target is to touch a revenue of approximately $120-130 billion at c CAGR of 11-12%. Presently, it is $38 billion.
Posing as world’s pharmacy:
Experts opine that this nation is posing as the world’s pharmacy due to the supply of low priced high-quality drugs in different countries. Medicine exporters in Qatar and other locations order drugs in bulk on a regular basis. The estimation of the government says that India proudly holds the 3rd rank globally for the production of pharmaceutical products by volume. Also, it holds 13th rank in pharmaceutical production by value.
Pharmaceuticals exporters in Africa: Now
According to an estimation, Africa spends approximately $2 billion per year on the treatment of AIDS patients. The executive director of UNAIDS, Michel Sidibé opined that if India would not help, then Africa could not access the treatment of AIDS at $2 billion. Without the presence of India, the cost could reach around $150 billion which is excessively massive.
Additionally, pharmaceutical exporters in Africa or pharma manufacturer in Nigeria are considering tuberculosis and anti-malaria drugs from India. The cost is much less than the medicines supplied by European and US drug suppliers.
In 2015, pharmaceutical exporters in Africa took pharma products that worth around $4 billion. Each year, the generic drug market in Africa is growing at 25 to 30 per cent. The market depends mainly on importing generic drugs. Hence, the small, mid and good Indian pharmaceutical companies are grabbing this golden opportunity to expand the size and revenue.
Many times, the small pharmaceutical producers in India cannot match the stringent standards imposed by the authorities of Europe and the US. But, it is not the case with Africa, Nigeria, Tanzania, Madagascar, Mozambique, etc. So, the pharmaceutical companies in Nigeria, Africa, and etc. export bulk generic drugs and other pharma products from Indian companies.
- Among the top importers of pharma products from India, Nigeria, Qatar, Africa, Thailand, South Africa, USA, Russia, etc. hold prominent name.
- Right now, generic medicine suppliers in India export around 20 to 22 percent of global export volume.
- The cost of manufacturing is lower than half of Europe and the entire USA.
Indian pharma manufacturers and suppliers are helping relatively poorer nations like Africa, Nigeria, etc. to deal with tuberculosis, malaria, HIV, and other diseases like presently COVID issues through generic medicines that are low cost. The pharma manufacture in Nigeria is considering India as the key support to get the drugs in bulk for their people.
Thailand pharmaceutical manufacturers seeking India’s support:
Thailand is also wishing to get India’s support in the medical fields like pharmaceutical products and generic drugs. The top pharmaceutical companies in Thailand want to close the big gap between demand and supply of medical devices and pharmaceutical products. It is a major tourist spot. Besides, people from all over the world take treatments from here. India can efficiently fulfil the demands.
Pharma companies in Thailand or top 20 pharmaceutical companies in Nigeria, or any pharma manufacturers and exporters from other nations like Qatar, Africa, and others are depending on India for taking international brand names and generic medicines manufactured in this country. Certain awarded, accredited and trusted firms are ruling this field since long. These firms are committed to offering quality products to global clients.
They act as the one-stop solution for the entire pharmaceutical requirements without any compromise in quality and consistency. The WHO: GMP certified manufacturing plants ensure the products’ quality. The medicine exporters in Qatar, Thailand, Africa and other countries can easily contact these Indian firms online and discuss their requirements and objective. The private sectors and government of these countries are taking initiatives to strengthen the bond with India and exchange help. The authentic Indian firms are providing full value for money at each stage of pharmaceutical production and supply.