GMP Certification in Pharma – Significance, Benefits, and Steps to Get it!
Willing to know everything about the process and benefits of seeking GMP certification in the Pharmaceutical industry? GMP marks your commitment and c...
Do you know the global market share of India’s pharmaceutical industry? What could be the probable future for the pharma business in India? Well, the in-depth study and research statistics highlight the splurging growth of India’s pharma business!
India stands at the top position as the generic drug supplier in the global markets. The Pharmaceutical Industry of India supplies 50% of the vaccination demand on the global level. Besides, 25% of the UK’s medicine demand and 40% of the generic drug demand in the US get fulfilled by India. It signifies the standing of the Indian pharma sector on a global scale. Talented scientists and engineers from India are achieving new horizons for the pharma industry, helping it reach new milestones. As per a survey, India supplies around 80% of the antiretroviral drug supply worldwide for fighting AIDS (Acquired Immune Deficiency Syndrome).
The future of India’s pharma business is prevalent from its current market size and the expanding economy. Predictions state that the medicine market might strike a growth of US$ 100 Billion, and the medical equipment market might grow upto US$ 25 billion by 2025. Export of pharma drugs from India along with API’s are already reaching the mark of US$ 20.70. Other pharma exports include drug formulations, bulk drugs, intermediates, and surgical equipment. Even the biotechnology industry of India is growing at the rate of 30% each year, thus giving new dynamics to the entire sector.
Overall market turnover of the pharmaceutical industry in India reaches up to Rs. 1.4 lakh crore and is expecting a big jump by the end of 2021. Other recent developments targeting the future growth of the pharmaceutical industry in India are:
Related Topic: Impact of Covid-19 on Indian Pharma Industry – Crisis or Prospect!
Pharmaceutical Industry in India gets a growth projection by experts of 912% in the coming 5 years. Even the year 2020 has been a historical growth era for India’s pharma business as this sector unleashed new opportunities and prospects. India already ranks amongst the top 10 countries that are high in medical expenditures. Advanced research is already on board to bring out therapies like anti-depressants, anti-cancer, or anti-diabetes. The government is working in full swing with the Pharma sector to make healthcare affordable and reachable to the common people. Plunging on to rural health programs, vaccines, and lifesaving drugs predict Pharma companies’ success in India!
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