The coronavirus pandemic has hit the world hard in every way. The economy is falling, and unemployment is emerging as yet another issue. However, despite the economic slowdown and unemployment triggered by the pandemic, there is one sector that continues to buck the trend, and that is the pharma sector. The growth of the pharma industry in the coming yearsremainon the back of the rising demand for healthcare from the domestic as well as international market. No wonder, pharma and allied industries are being predicted to spikeeven in the post Covid-19 world.
If you see, the Indian pharma industry has been already witnessing a steady growth in recent years.And the prevailing crisis has brought a favorable line of events for India to extend its potential in global healthcare and emerge as a leading contributor of drugs. As the state-of-affairs continues to intensify,there are more opportunities for the Indian pharma industry to play a larger role in the global market. With the right set of policies, infrastructure, and upskilling, theIndian pharma industry can takethe impetus from the worldwide crisis and leapfrogintothe futurity.
A Look at the Stats
As a leading producer of cost-effective, quality-controlled generic drugs, the Indian pharma industry contributes to over 20 percent of the global pharmaceuticals supply. As of now, India ranks 10thin terms of value and 3rdin terms of volume inthe global market. TheIndian drug products contribute to over 40 percent (by volume) of US drugs. The export market of Indian pharma accounts to about $18 billion while the entire industry is worth about $37 billion. With such a strong position, the Indian healthcare and pharmaceuticals sector has the potential to continue its fast-paced growth to a whopping 754 percent between 2020 and 2060.
As far as the Indian pharma sector is concerned, the generic drugs remain its stronghold and contribute to over 70 percent to the overall market revenue. The country’s grip on generic drugs market and biosimilars would continue to expand in the future,giving the domestic companies a new boost. Moreover, the new formulation development capabilities and early investments in the sector by the local players have ensured low manufacturing costs and provided a competitive advantage to Indian pharma in the global market. Adding to that, major foreign investments and M&A deals have strengthened the pharma and its allied sectors, paving the way for its future growth.
The Way Forward for the Indian Pharma Industry
The Indian pharma sector is likely to see a spike of growth, from its all phases of drug development and discovery through clinical trials to launch. After the outbreak of the pandemic, big and small pharma companies and the allied industries in India have joined strengths to amp-up the manufacturing and distribution of drugs like hydroxychloroquine to the global market. In times of Covid-19, the country has expanded its potential further ahead to become the pharmacy hub of the world. With the race for the Covid-19 vaccine going underway and the way Indian pharma industry has been tackling the current crisis, it will surely elevate the country’s position globally as a potential pharmaceutical nucleus in the coming years.
It is no secret that the Indian pharma industry is the world’s largest exporter of quality generic drugs. Growth in the Indian pharma industry in the coming years will be mostly export-driven, owing to its cost-effectiveness and quality. While generic drugs continue to stay on the focus, the bio-pharmaceuticals like bio-similar and vaccines will be the future.
Post-pandemic, the Indian pharma industry would identify new trends and business opportunities that would accelerate its growth multifold. However, to keep up with the growth, the pharma sector would require skilled and capable professionals with relevant education to join pharma and allied industries. As such, a pharma degree from a reputedinstitute like Indore Institute of Pharmacy can definitely boost your employability potential in the times to come.The Indore Institute of Pharmacyis a renowned PCI approved Pharmacy College in Indore, and is known for itsindustry-centric pharma education aimed to provide a strong foundation to its students. The cutting-edge curriculum, eminent faculty, and state-of-the-art infrastructure collectively cater to build up dynamic and competent pharma professionals with adept knowledge and skills in the field of pharmacy.