Indian Pharmaceutical Industry Analysis 2020, Growth Report

The global pharmaceutical industry includes biological, medicinal, and pharmaceutical products in various forms, such as tablets, capsules, ampoules, ointments, powders, solutions, and suspensions. The overall pharmaceutical market is segmented into prescription-based products and over-the-counter medications. In addition, it can be segmented into branded drugs and generic drugs.

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Indian Pharmaceutical Industry

India with an established domestic pharmaceutical industry is among the leading global producers of cost-effective generic medicines and vaccines. The pharmaceutical industry in India produces a range of bulk drugs that account for roughly one-fifth of the industry output. The generic drug producers of India hold a strong position in the global supply chain and play a significant role in the pharmaceutical industry growth. Some of the major domestic players in the industry include Sun Pharmaceutical Industries, Dr. Reddy’s Laboratories, Cipla, Lupin, Aurobindo Pharma, Zydus Cadila, Piramal Enterprises, and Glenmark Pharmaceuticals.

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Growth Drivers for the Indian Pharmaceutical Industry:

Innovation and R&D: Development of new complex generic drugs, supplemented by the New Drugs and Clinical Trial Rules and the Atal Innovation Mission
Medical Tourism: Quality services offered at marginal costs compared to the US, Europe, and South Asia
Infrastructure Development: India has the highest number of US-FDA compliant pharma plants outside the US
Strong Drug Manufacturing: Expertise in low-cost generic drugs and a movement towards end-to-end manufacturing
Pharmaceutical Cluster: Andhra Pradesh, Gujarat, and Maharashtra are some of the major pharmaceutical clusters in the country

Government Initiatives

Some of the initiatives taken by the Government to promote the Indian pharmaceutical sector include:

India plans to invest around INR 1 lakh crore ($1.3 billion) for encouraging companies for manufacturing pharmaceutical ingredients domestically by 2023.
Under Budget 2020-21, the Ministry of Health and Family Welfare was allocated with INR 65,012 crore ($9.30 billion). The Government allocated INR 34,115 crore ($4.88 billion) to the National Health Mission to benefit rural and urban people.
The government allocated INR 6,400 crore ($915.72 million) to the health insurance scheme Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) for 2019-2020. This is an INR 4,000-crore (around $572 million) boost from the last fiscal year.

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