India's Pharma Industry Rises to Global Prominence, Leading in Affordable Medicines

India's pharmaceutical sector has secured the third position globally in terms of production volume, reinforcing its role as a key player in the healthcare industry. The country has emerged as the largest supplier of affordable generic medicines, contributing nearly 20 percent of the world's pharmaceutical supply. With a steady annual growth rate exceeding 10 percent, the industry continues to expand, driven by strong demand, innovation, and government-backed initiatives.  

 

Industry Developments and Impact:  

- India's pharmaceutical sector recorded a turnover of over four lakh crore rupees in the financial year 2023-24, maintaining consistent growth over the past five years.  

- The country plays a crucial role in vaccine production, supplying a significant portion of UNICEF's global vaccine needs and meeting the World Health Organization's demand for essential immunizations.  

- Government initiatives such as the Pradhan Mantri Bhartiya Janaushadhi Pariyojana have facilitated access to affordable medicines, with Jan Aushadhi Kendras offering generic drugs at prices up to eighty percent lower than branded alternatives.  

- The Production Linked Incentive scheme has supported domestic manufacturing of high-value drugs, including treatments for cancer and diabetes, while reducing reliance on imported raw materials.  

- Foreign investment in India's pharmaceutical sector has surged, with over twelve thousand crore rupees flowing into the industry in the past year, reflecting global confidence in India's healthcare capabilities.  

- The establishment of bulk drug parks in Gujarat, Himachal Pradesh, and Andhra Pradesh aims to enhance production efficiency and lower costs, further strengthening India's position in the global market.  

 

Sources: Economic Times, CNBC TV18, IndUS Business Journal, Free Press Journal, Zee Business