India is a leading player in the global pharma drug industry. Moreover, the country holds a large number of scientists and engineers that can propel the sector forward to even greater heights.
With the Covid-19 Pandemic, the Pharma industry in India has picked up a definite momentum. India’s pharma sector is further growing and changing lives by offering the necessary amenities. As per the Ministry of Chemicals and Fertilizers, the turnover of pharma companies in India was $18.12 billion in 2018 and $19.14 billion in the fiscal year 2019.
Do you know more than USD 1.5 Trillion is predicted to be generated by the pharmaceutical market by 2023?
Generic drugs from top pharma companies represent 20% of global exports in terms of volume, making India the biggest manufacturer and supplier of generic medicines globally. The Indian pharmaceutical market is anticipated to be worth 33.18 billion USD and will reach 9th position in the worldwide pharma market by 2023.
In this blog, we have listed some of the best pharmaceutical companies which manufacture superior pharmaceutical products in India and are ruling entire India’s pharma sector.
SWOT Analysis for Indian Pharma Industry
Before we jump to top Indian pharma companies, let’s analyze the pharma industry in India based on the SWOT analysis. SWOT analysis is simple but helpful in analysing any sector. Using SWOT analysis, we can identify specific factors of strength and weakness of any subject.
India’s industrial sector is robust. Compared to other countries, the cost of manufacturing pharmaceutical goods in India is much lower and more effective. As a result of technological advancements, India has a highly-skilled workforce. By communication development, India’s marketing and distribution systems are likewise on the higher side. The sector is further strengthened by its diversified ecosystem.
Apart from the liberalization of the FDI restrictions, there is still a lack of investment in research and development, which should be addressed by industry and government. The lack of collaboration between industry and academicians is a significant flaw. When compared to other household expenses, healthcare costs are insignificant. The manufacturing of low-cost and low-quality medications poses a considerable challenge to the pharma business.
Despite the industry’s flaws, it is expected to develop rapidly because of greater export possibilities. It is also likely that the export of generic medicines to developed markets will rise. India has much potential to become a hub for worldwide clinical trials. Furthermore, India is anticipated to play a major role in global pharmaceutical research & development (R & R&D).
Product patent policy is one of the greatest challenges to the domestic industry. The Government of India’s Drug Price Control Order put much pressure on product pricing, which affects the pharmaceutical companies’ profitability. Small businesses face challenges from the new MRP-based excise duty structure. To overcome this danger, this sector must step up its R&D efforts.
Top Pharma Companies in India
Here are the top five pharma companies in India.
1. JoinHub Pharma
Joinhub Pharma is the largest pharmaceutical company in India and is renowned primarily for generic medicines in the world. They manufacture and export dosage forms like tablets, capsules, sprays, ointments, creams, injectables, and liquids. Its businesses include producing generics, branded generics, specialty, active pharmaceutical ingredients (APIs), and intermediates in the full range of dosage forms. The company has a broad portfolio with more than 1,000 products in the market.
All the pharma products are manufactured in their WHO-GMP, FDA, and ISO 9001:2008 certified manufacturing facility.
They are also considered the leading pharmaceutical production company in the world. In fact, 85% of revenue is generated by way of exporting medicines to MIDDLE EAST, CIS, and South AFRICA production facilities.
2. Sun Pharmaceutical Industries
Sun Pharmaceutical Industries is a leading multinational pharmaceutical company in India established in 1983. It was founded by Mr. Dilip Shanghvi, the MD of Sun Pharmaceuticals. The company was initially offering products to treat psychiatric ailments. Now, the company additionally offers formulations in various gastroenterology, therapeutic, and diabetology. Its revenue was around $4.7 billion in 2020.
Sun Pharmaceutical Industries is the biggest pharmaceutical company in India based on overall revenue. It is the 4th biggest global specialty generic pharma company in the world. It also sells Etodolac, Carbamazepine, Clorazepate, anti-cancer, steroids, peptides, hormones, and controlled substances. Its subsidiaries include Ranbaxy Laboratories and Sun Petrochemical Pvt. Ltd, Sun Ophthalmic Inc, Alkaloids Chemical Company Zrt, Chattem Chemicals Inc. This pharmaceutical company sells affordable medicines in over 150 countries across six continents.
4. Divi’s Laboratories
Founded in 1990 and headquartered in Hyderabad, this pharma company manufactures active pharmaceutical ingredients and other intermediates. With $780 million in revenue in 2020, it manufactures top-quality generic compounds, Nutraceutical ingredients, and custom synthesis of APIs while exporting to over 95 countries. Divi’s laboratories are engaged in manufacturing leading generic compounds, Nutraceutical ingredients, custom synthesis of APIs, and intermediates for global innovator companies.
4. Dr. Reddy’s Laboratories
Anji Reddy founded Dr. Reddy’s Laboratories in 1984. It is an Indian multinational pharmaceutical company. It manufactures a broad range of pharmaceutical drugs in India and overseas. They have more than 190 medications, 60 active pharmaceutical ingredients for drug manufacturers, diagnostics kits, critical care, and biotechnology products.
Cipla is an Indian multinational pharmaceutical and biotechnology organization headquartered in Mumbai and was established in 1935 by Khwaja Abdul Hamied.
Cipla is a leading pharmaceutical company specializing in branded and generic drugs of the best quality. The company produces medicines that treat respiratory and cardiovascular diseases, diabetes, arthritis, weight control, depression, etc. Patients and medical professionals across the world trust Cipla.
These are the top five players in the Indian Pharma Industry that reign the pharmaceutical market.
If you’re looking for a reliable pharma manufacturer, supplier, wholesaler, and exporter in India, look no further than JoinHub Pharma. We manufacture and sell high-quality medicines at affordable rates to provide quality to all people.
Reach out to our pharma experts today!