The Indian pharmaceutical industry has grown exponentially throughout the years. The world medical care sector considers India a significant and crucial asset for its capabilities to provide medical drugs and assistance whenever needed. At the G20 summit in Rome, Italy, in 2022, Prime minister Narendra Modi presented the vision of ‘One Earth, One Health’, highlighting India’s role during the COVID-19 pandemic for its citizens as well as the world. He said that India, as the ‘Pharmacy of The World’, provided medicines and vaccines to over 150 countries during the pandemic and plans to produce over 5 Billion COVID vaccine doses for the world in 2023.
Besides vaccines, Indian Pharmaceutical companies produced the antiviral drug Remdesivir on a large scale, which proved effective in saving millions of lives. Among many others, pharma company Heath Biotech’s Remdesivir drug was made available to people within the country and overseas under adverse conditions when the medicine was scarce. According to Health Biotech Director Parmjit Arora, “Remdesivir mission was a challenge to us as a pharmaceutical company in terms of upscaling the production volumes and successful distribution across the geography”
The Growth of Indian Pharma Industry
In the aftermath of COVID-19, India has become “The friend in Need” to the world by extending a helpful arm to anyone who asked for it without considering any politics to serve humanity and save valuable human lives. The Indian government has been aiding the sector with new policies and schemes such as PLI and new programs to enhance the R&D of Indian pharma academics. Events like ANVESHAN 2023 are being organised to let the companies gain more knowledge about the kind of research that is going on in academic studies currently.
Additionally, India is set to eliminate ‘Sickle Cell Anaemia’ by 2047, the century of India’s Independence. This goal depicts the determination of the country to enhance its medical facilities with a vision having no bounds.
Additionally, the government has initiated several schemes such as Pradhan Mantri Jan Aushadhi Pariyojna and Ayushman Bharat Yojna which lie under the National Health Protection Scheme (NHPS) to improve the local distribution and market growth within the country. The Industry-Government Comradery has resulted in the trust and value India has earned internationally as a pharmaceutical provider. Parmjit Arora’s Remdesivir mission to distribute the drug around the globe is one of the many examples that showcase India’s wealthy and helpful attitude.
India as a World Leader in Medical Care
The industry has shown accelerating growth in capital and product quality to the world in recent years. As a result, the Indian pharmaceutical sector has received global appreciation and is currently one of the world’s biggest exporters of medicines and drugs. According to a report by ‘The Hindu’, the industry’s projected valuation by 2030 is $130 billion, currently at $50 Billion with a growth of over 100%. With all the eyes set on it, the Indian pharmaceutical industry will soon achieve great heights and continue to serve humanity to the best of its capabilities.
Also Read: Health Biotech’s Remdesivir has been instrumental in the growth of the Indian Pharma Industry