With the booming pharma industry in India, the new and coming brands give a promising outlook of the bright future of the pharma sector and global growth.
India is a leading exporter of pharmaceuticals worldwide, being among the top 10 exporters. The nation has constantly been growing over the last five years, and with the upcoming pharma brands, industry experts estimate further growth in this industry.
With leading brands such as Emcure Pharmaceuticals, Dr Reddy’s Laboratories, and Sun Pharmaceutical Industry, Systematix Institutional Research identifies that as many as 300 new brands are launched every year by top drug firms.
More promising brands are emerging with a wide variety of effective drugs and vaccines, and with such data, there is no denying the fact that there is a bright future for Indian drug players.
Indian pharma industry has a booming domestic network
India is one of the leading exporters of drugs globally. As of recent data analysis, Indian pharmaceutical companies supply an aggregate of over 50% of vaccines globally. Moreover, these firms fulfil generic pharmaceutical demands of up to 40% in the USA and 25% in the UK.
In terms of production by volume, India ranks third globally. Yet, the Indian prosperity of the pharma industry is not just limited to global networks as the country has a booming domestic network with as many as 3000 drug companies and over 10,000 manufacturing units of the same.
Currently, India is the leading supplier of 80% of the antiretroviral drugs used to treat AIDS and similar diseases. Karnataka, Maharashtra, and Delhi-NCR are some of the top states that are majorly involved in manufacturing pharmaceuticals.
Indian pharma global trends
In high-skills areas, including R&D and production, the pharmaceutical business employs about 2.7 million people. The Indian pharmaceutical sector may improve its efficiency and attain its objective of being a US$130 billion industry by 2030 if the intellectual potential is injected into business operations.
Along with innovative ideas such as a single-window system, it is projected that the drug development process can be streamlined. Furthermore, with the rapid digitization, the global trends are estimated to highlight progress and growth with the apt utilization of these modernized methods. As a result, industry experts believe that the compound growth annual rate will escalate to 12% in the upcoming financial years.
Future prospects of the Indian pharmaceutical industry
As per the Indian Economic Survey of 2021, the pharmaceutical industry in India is expected to multiply thrice its current economic holdings domestically. Additionally, the Indian biotechnology industry that works hand in hand with the pharma firms is expected to be valued at US$150 billion by 2025, which is much higher than the valuation of US$64 billion in 2019. Along with all this, experts estimate a 37% increase in the compound annual growth rate of India’s market of medical devices with a valuation expectancy of US$50 billion.
As per estimates of India’s progress globally, Indian pharmaceutical markets growth is to be 12% year over year, as also reported by India Ratings and Research. Moreover, the Union Cabinet has made amends to its foreign policies to accommodate a 100% automatic route of manufacturing medical devices.
The Indian pharmaceutical market is projected to keep growing, with the medical expenditure in India to be as much as 12% in the next five years. Moreover, with the emergence of new drug players, there is no doubt that the pharma industry in India is only to be seen rising. Thus, we can expect to witness significant positive growth in the entire Indian pharma sector in the coming years.