2020-05-01

It is hoped that the 2020 global pandemic will make many nations set their priorities and commitments skewed towards ensuring better public health.

Compared to developed nations with better health capacity and infrastructure, India’s Prime Minister mentioned that India’s fight against COVID-19 has been far better. India has also taken larger efforts in recent weeks to send across medical supplies and drugs.

Assuming that India keeps the infection curve trajectory more flattened, India has a good chance to come out on the better side of the crisis. With this hope, the Indian phama industry gets an opportunity to open up many opportunities in this crisis time.

India has an advantage in large-scale pharmaceutical production capabilities. India can ramp up its production in pharmaceuticals. It also has the potential to become a global hub for medical tourism. It can also provide medical expertise and technical training to many other developing countries.

According to the Indian Brand Equity Foundation (IBEF), pharmaceutical exports of India from the financial year 2012 to 2019 have steadily grown from $10 billion to $19 billion.

As per recent estimates, India accounts for about 10% of the world’s pharmaceutical production by volume and 1.5% by value. The industry is the world’s largest supplier of generic drugs and controls around 18% of the global market. It is also a leading producer of vaccines in the world and caters to about 50% of global vaccine demands.

The number of people coming to India for medical treatment has grown annually at about 55%. According to a report on the Indian pharmaceutical industry, the source of APIs is a crucial part of the pharma industry’s strategic plan to combat the COVID-19 pandemic. The majority of APIs for generic drug manufacturing across the globe are sourced from India, which also supplies approximately 30 percent of the generic APIs used in the US.

When supply chain issues are disturbed in the global market, India can leverage a lot by showing quick delivery potential for all essential medicines across the globe. Research and development potential that Indian pharma companies have is also a big advantage that will win many points for India.