Why India is the pharmacy of the world?

Not only this, by the year 2012, Indian medicines started reaching 133 countries of the world, which were cheaper than other countries and there was no compromise with the quality. Hence India started getting referred to as the “Pharmacy of the world”.

What is the contribution of pharmaceutical industry in Indian economy?

The Indian pharmaceutical sector contributes about 2 per cent to India’s GDP and around 8 per cent to the country’s total merchandise exports.

Is India the pharmacy capital of the world?

India contributes the second largest share of pharmaceutical and biotech workforce in the world. India’s domestic pharmaceutical market turnover reached Rs. 1.4 lakh crore (US$ 20.03 billion) in 2019, up 9.8\% y-o-y from Rs. 1.29 lakh crore (US$ 18.12 billion) in 2018.

Why is India pharmacy of the world Upsc?

India as the largest provider of generic drugs globally, is often referred as Pharmacy of the world. The Indian pharmaceuticals market is the world’s third-largest in terms of volume and thirteenth-largest in terms of value.

What is the future of pharmaceutical industry in India?

According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market is estimated at US$ 42 billion in 2021 and likely to reach US$ 65 billion by 2024 and further expand to reach ~US$ 120-130 billion by 2030.

What is the growth rate of pharmaceutical industry in India?

In August 2021, the Indian pharmaceutical market increased at 17.7\% annually, up from 13.7\% in July 2020. According to India Ratings & Research, the Indian pharmaceutical market revenue is expected to be over 12\% Y-o-Y in FY22. India’s drugs and pharmaceuticals exports stood at US$ 24.44 billion in FY21.

Which country holds a highest market share in pharmaceutical industry?

The US market continues to represent the single greatest share of the global pharmaceutical market (44.5\% in 2016) and is over four times larger than the next largest market, China, which saw a recent decline in the value of its market (7.9\% in 2016).

Is India the largest producer of medicine in the world?

India is the 3rd largest producer of medicine in the world and it also the largest provider of generic medicines globally.

Why is the pharmaceutical industry in western India?

Capital Availability: The western part of India has traditionally been the hub of trade and Capital. Proximity to ports: It facilitates easy export to other nations in Africa, Europe etc. The setting up of Pharma industries on west coast reduces the cost of transportation to African and European nations.

What is the reason for the success of pharma industry in India?

Following could be the reason for success of Pharma industry in India: Generic Drugs: Indian pharma companies specializes in generic drug (A drug comparable to a brand in terms of quality and performance, but are obtained at a fraction of price in the market ) manufacturing.

Why is India the third largest drug manufacturer in the world?

India became the third-largest drug manufacturer in the world due to its ability to create highly efficient generic drugs. In many ways, the pharmaceutical industry in India resembles the IT industry. One of the biggest reasons for its sustenance and performance is export to the western world.

Is India beating China in the export of pharma products?

India has been beating China when it comes to export of pharma drugs, products, and medicines. India has been giving export more importance when it comes to foreign investment or exports. Pharma products, drugs, and medicines are a fifth-largest export item.

Why Pharma franchise is the future of pharma industry?

The Pharma Franchise is considered as the backbone of the pharma industry and thus this growth is great for the pharma franchi According to 2013’s report the population of the India is 1.252 billion, soon we will be the highest populated country in the work.