The Indian Pharmaceutical Industry has turned out to be a prime example of effective policy and rich tablet for staggering growth in the world. According to the available data in 2021 from IBEE, India ranks 3rd worldwide for the volume of pharmaceutical productions and 14th by its monetary value. As per the medicine manufacturing companies in India, the country is expected to reach a market size of 65 billion USD by the year 2024 as compared to its current position of 42 billion US dollars today.
What factors are responsible for the growth of the pharmaceutical industry?
The ongoing pandemic phase across the world has presented a major opportunity for the pharmaceutical exporter India. It has given chance to the drug industry a to display its credentials in manufacturing and testing various medical drugs, vaccines, equipment and other products, and strengthen its reputation in the world. The instance of the production and supply of Covid-19 vaccines by the Serum Institute of India (SII) stands as a great testimonial to the former statement.
The ability of the Indian pharmaceutical industry to produce generic medicines at reduced prices mainly under the supervision of trained professionals and the latest innovative technological machines has made the country a pharmaceutical base for the world. Furthermore, the rise of E-pharmacy has assisted the growth of the pharmaceutical industry to grow at 21.28% each year. The country’s commitment and ability to produce and supply low-cost drugs on a massive scale for life-saving drugs have changed the world’s perspective towards it. As per available reports from the Indian Economic Survey 2021, the medicine manufacturing companies in India are expected to reach 120-130 US dollars by 2030.
India – Pharmacy of the World!
According to the information given in India Briefing, the country is home to more than 3000 drug companies that manufacture multiple pharmaceutical formulations. The medicine manufacturing companies in India had invested largely in R&D screening, treatment and prevention of various types of diseases to manufacture effective pharmaceutical medicines and vaccines. As per industry experts, India is aiming to expand its global chain to 6-7% from its current 2.5% by increasing its export corridors. The industry is using its powers and ability very respectively, giving given the nation the moniker, Pharmacy of the World in some circles. It is mainly because of the easy and low-cost production of generic drugs and vaccines. The staggering supply of Covid-19 vaccines to the world is a testimonial to this fact and shows the dominance of the Indian pharmaceutical market.
Quality and Budget-Friendly Pharmaceutical Products – A Need!
The dominance of pharmaceutical exporter India is visible in the industry’s steep rise which stood at 24.4 US billion dollars in 2021. As per the available information published in a reputed newspaper, the Indian pharmaceutical industry has shown tremendous progress by supplying a wide range of products across the world and is flourishing substantially in the changing times. Ciron Drugs is a widely recognized customized and generic branded formulations pharmaceuticals manufacturers in Mumbai that has catered to the demands of customers in multiple therapeutic areas. We use standard WHO-GMP facilities to cater for our customer’s requirements effectively. To get doorstep delivery of your pharmaceutical products, contact us.