The pharmaceutical industry is extremely important for every country because the medicines which are produced by pharma companies are essential for every country.
Our planet was devastated by COVID-19 and pharmaceutical companies were pushed up their limits to meet the demands of medical supplies and vaccines.
When every other industry was under strict lockdown, pharmaceuticals companies were working round the clock to uplift our plant from corona pandemic.
COVID19 pandemic makes the world realize that how important is the pharmaceutical industry for every country.
Countries with highly developed pharmaceutical infrastructure not only uplifted their own countries from pandemic but also helped other countries to come out of coronavirus pandemic by exporting essential medical supplies and vaccines.
Indian pharmaceutical industry
Indian pharmaceutical industry is massive and it has a pretty large manufacturing capacity. World’s 60 per cent generic medicines are manufactured in India and India is one of the largest exporters of vaccines to other countries.
Indian pharmaceutical industry is known as “The pharmacy of the world” because of its large scale manufacturing capacities.
India has very large scale pharmaceutical companies which have a huge demand in both the domestic and international market.
About 1400 WHO-GMP medicine manufacturing plants are operational in India along with 255 EDQM approved plants.
Indian pharmaceutical industry is not a large scale industry but also it is one of most advance by the quality of products.
Indian pharmaceutical companies manufacture a wide range of medicines and vaccines which are related to cardiology, diabetes, gynaecology, women health, cancer, respiratory system and many other requirements.
Pharma industry in COVID19 pandemic
As we already know coronavirus pandemic spread rapidly and became a global pandemic in short times. Corona pandemic pushed the pharmaceutical industry to the limit for production of necessary medical supplies.
Even countries with the most developed pharmaceutical industry and medical system were struggling to meet the increasing demand for medical supplies and vaccine.
The quest for vaccine development was started to control corona pandemic from the beginning of pandemic and only a few countries were able to developed vaccine to neutralize coronavirus.
India was amongst the only few countries who able to develop an indigenous vaccine and it was a major push for Atmanirbhar Bharat which simply means self-reliance.
Indian pharmaceutical industry was able to develop indigenous vaccine on record time at the same time the Indian pharmaceutical industry manufactured COVID19 vaccines at large scale.
Large scale production of these vaccines not only helped India to vaccinate the indigenous population but it also helped other countries to get the vaccine from India to vaccinate their peoples.
With the help of indigenous vaccines India rolled out the world’s largest vaccination program with target to vaccinate more than 300 million peoples within 6 months.
Made in India vaccines reached various countries around the globe at a crucial time, the Indian government sent corona vaccines to many countries such as Nepal, Bhutan, Brazil, South Africa, Mauritius, Seychelles, Myanmar and many more.
Corona pandemic surely pushed the pharmaceutical industries around the globe to the limits at the same time pandemic opened the new opportunities for pharma industry to grow and increase the production capacities.
Contribution to Economy
Since Indian pharmaceutical industry is massive so its contribution to GDP is also important. Producing medicines and vaccines at large scale requires a lot of man power which directly create a lot of employment opportunities, in fact Indian pharmaceutical companies provide jobs to more than 1 millions peoples in India.
In last fiscal year pharma sector contributed 1.72 per cent to country’s GDP and this contribution was just 1% a decade back. The consistent growth of pharmaceutical industry with time makes it one of the best sector for investors to invest their money in.
In 2020 when all other major sectors faced a sharp decline because of corona pandemic at the time pharma sector made impressive progress, stocks of pharma companies rose at record levels and recorded remarkable growth.
Pharma sector in stock market outperformed BSE Sensex and gained more than 60 per cent.
The consistent growth Indian pharma industry and the impressive growth in corona pandemic make Indian pharmaceutical companies one the best pick for investment.
Even most stock market experts predict that the Indian pharma industry will grow further to attain new heights in upcoming years.
Future of Pharmaceutical Industry in India
COVID19 pandemic was testing time for Indian pharmaceutical industry but it also opened new window of opportunities for pharma companies to improve their infrastructure.
Post pandemic Indian pharma companies will have better manufacturing infrastructure along with improved storage capabilities and better supply chain. Post pandemic Indian pharmaceutical industry will gain more global trust and which will help Indian pharma companies to grow further.
Post pandemic it is expected that Indian pharma companies will spend more money on research and development (R&D) which will help companies to develop cutting edge technologies.
It is expected that India will spend about $200 billion in the next decade to improve the medical infrastructure of the country.
Indian pharma companies will make more efforts to bring down the cost of chronic therapies so that more peoples can get treatment for chronic diseases.
Current developments of Indian pharma industry give a glimpse of its future, financial experts predict that Indian pharmaceutical play important role in reaching the aim of 5 trillion USD economy benchmark.
Over a period of time, the pharma industry will become the backbone of the Indian economy. Stocks of Indian pharmaceutical companies are performing excellent which will also bring foreign and domestic investments in the country.