Blog Description

Can India Become the Pharmacy of the World?

Can India Become the Pharmacy of the World - TechSci Research

Healthcare | Jan, 2022

The Indian Pharmaceutical industry has evolved incredibly in the past five decades, becoming the sunrise sector of the country. According to India’s Ministry of External Affairs, the Indian Pharmaceutical sector is poised to grow to USD100 billion by 2025 with its radical innovation and ability to provide medicines and medical support to various nations across the globe. Even during the pandemic, the Indian pharmaceutical industry continued to produce and distribute life-saving medicines and vaccines at affordable costs across the world, which contributed to the industry’s steep growth.

At present, India comprises over 3000 pharma companies and 10,500 drug manufacturing facilities, which makes the Indian pharmaceutical industry the 3rd largest in the world in terms of volume and 11th by value. India is the only country to have the largest number of US-FDA compliant pharma plants outside of the US. India is the second-largest supplier of pharma and biotech professionals after China, comprising nearly 20%-22% of the global export volume. The net drugs & pharmaceuticals export volume stood at USD24.44 billion in FY2021.