Drugs and Pharmaceutical Manufacturing Business Opportunities.
India is one of the biggest providers of generic drugs globally. The drugs and pharmaceutical sector of India supplies over 50% of global demand for different vaccines, 40% of generic demand in the US, and 25% of all medicine in the UK. India holds an important position in the pharmaceuticals sector. Currently, almost 80% of the antiretroviral drugs were used globally to combat AIDS are supplied by Indian pharmaceutical firms.
Market Analysis of the Drugs and Pharmaceutical Industry
- The Indian pharmaceutical sector is anticipated to reach the US $100 billion, whereas the medical device industry is anticipated to reach the US $25 billion by the year 2025. Pharmaceuticals export from India stands at US $20.70 billion in the year 2020. The biotechnology industry of India consists of biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics is anticipated to grow at an average growth rate of almost 30% in the forecasted year to reach the US $ 100 billion by the year 2025. The domestic pharmaceutical market is expected to reach Rs. 1.4 lakh crore in the years 2021.
- The pharmaceutical industry analysisin India shows that it is growing 15.2 % yearly and is anticipated to raise the US $8.16 billion by 2022. Under the union budget 2020-2021, allocation to the Ministry of Health and Family Welfare stands at the US $ 9.30 million, while, the US $919 million has been given to health insurance scheme Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). In the year 2019, the government approved the renewal of the Pharmaceuticals Purchase Policy (PPP) with the same terms and conditions, whereas adding one additional product Alcoholic Hand Disinfectant (AHD) to the current list of 103 medicines till the final closure disinvestment of pharma.
- Government spending on healthcare increased to the US $45.96 billion in the year 2020 recording a CAGR of 18% from the year 2017. According to the economic survey 2019-2020, government expenditure improved to 1.6 % in the year 2020 from 1.2 % in the year 2015 for health. FDI increased to 74% of current pharmaceutical companies and 100% in new projects.
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India is also planning to set up approx. The US $ 1.3 billion funds to drive the growth of companies to manufacture pharmaceutical ingredients domestically by the year 2023.
The Growing Pharmaceutical Drug Sector
The drugs and pharmaceutical industry in India is expected to grow 9 to 12 % in the next 5 years, taking India to the path of becoming one of the top 10 countries in terms of medical spending. Moreover, better growth in domestic sales will also depend on the ability of companies to bring into line their product portfolio towards chronic therapies for diseases that are increasing like cardiovascular, anti-diabetes, antidepressants, and anti-cancers.
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The government has taken a lot of steps to reduce costs and bring down healthcare expenses.
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The increasing introduction of generic drugs into the market has remained in focus and is anticipated to benefit the Indian pharmaceutical companies. Also, the focus on rural health programs, lifesaving drugs, and the introduction of generic drugs into the market is projected to benefit the industry.
Conclusion
The industry of drugs and pharmaceuticals is huge, and a lot of researchers are still in search of many aspects of the Industry, but NPCS has written a book named “Drugs & Pharmaceutical Technology Handbook” that includes all the major and valuable information of the market. It discusses polymeric materials used in drug delivery systems, theoretical aspects of friction and lubrication, a convenient method for conversion of quinine to quinidine, formulation, and evaluation of bio-available enteric-coated erythromycin and metronidazole tablets, and a lot more informational topics. You can easily get the book from the website of NPCS.
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