India ranks third in global pharma manufacturing
The majority of the country’s pharma manufacturing produces generic drugs.
India has ranked third globally in terms of pharmaceutical manufacturing by volume, as the country manufactures the most generic drugs in the world and supplies over 50% of the worldwide demand for various vaccines, according to a ResearchAndMarkets report.
The Indian pharmaceutical industry is valued at over $40b in 2020, reaching a turnover of $18.12b at the end of 2018. “In 2021, the majority of the pharmaceutical manufacturing in India has so far been generic drugs that are lower in cost than prescription or patented drugs,” the report stated.
During the pandemic, India faced a devastating second wave. “With COVID-19 vaccination going on in the country, the government is trying to increase its supply of vaccines to vaccinate most of its population at the earliest,” the report noted.
The country’s healthcare is amongst the biggest in terms of revenue and employment. The report noted that the industry has been growing at a rapid pace, with the government focusing on building basic healthcare facilities in rural areas.