In recent decades, the Indian pharma sector has expanded significantly and managed to establish a major global presence. The Indian pharma industry was estimated to be worth US$ 41 billion in the Economic Survey of 2021 and is projected to increase to US$ 65 billion by 2024 and US$ 120–130 billion by 2030.
Almost 60% of the global demand for vaccinations is satisfied by the Indian pharmaceutical sector, which supplies medicines to over 206 nations worldwide. “The pharmaceutical sector in India already holds a strong position in global market. It has enormous possibility of developing into a global powerhouse. India may undertake a set of actions to widen its market reach and increase its pharmaceutical exports owing to its experience in producing better generic medications,” says MD of Ishvan Pharmaceuticals and Chairman of Pharmaid, Sanjeev Nanda.
The industry has the capacity to manufacture large quantities while complying with high-quality standards and requirements in major global markets, which presents a substantial opportunity for increasing export rates. India exported pharma supplies worth US$ 24.62 billion in FY22. According to a representative of the Pharmaceutical Exports Promotion Council (Pharmexcil), its pharmaceutical exports are anticipated to reach a record-breaking US$ 27 billion in FY23.
India might concentrate on a variety of strategies to increase its pharmaceutical exports, such as investing in Research and Development (R&D) which can help pharmaceutical companies in India create novel, innovative medicines that can rival with those made in other nations. This will enable them to enhance their market dominance and exports.
The Umbrella Plan of the Department of Pharmaceuticals, Government of India, titled ‘Scheme for Development of Pharmaceutical Industry,’ is one of several initiatives launched by the Indian government to improve R&D in the pharmaceutical industry. In order to strengthen India’s standing on the international market, this initiative aims to increase the efficiency and viability of the pharmaceutical sector. The PLI Program for Promotion of Domestic Manufacturing of Critical KSMs, DIs and APIs in India aims to boost internal investment and manufacturing while encouraging diversification strategy towards elevated items in the pharmaceutical business.
Nanda, a renowned expert in the pharmaceutical industry and Ishvan Pharmaceuticals’ MD, points out, “R&D is a major factor in making India’s pharmaceutical sector become a leading name in the global scenario. We must concentrate on creating novel drugs and advanced medical technology that can cater to the demands of consumers everywhere. Along with that, using new technology and enhancing infrastructure can help India increase its manufacturing output. It will be capable of producing superior drugs more easily and affordably as a result of it.”
Along with this, India must raise its regulatory standards at par with those in other nations. The essentials to enabling a successful innovative economy include a solid and efficient regulatory structure, like a single window system, the elimination of several regulators and the adoption of particular standards. By doing this, it may promote consumer confidence in its items and boost exports. India can also forge solid alliances with other nations in order to increase its pharmaceutical exports. Working together with other nations will provide it with exposure to new markets and cutting-edge technology as well.
Chairman of Pharmaid, Sanjeev Nanda highlights, “Effective communication, collective efforts, collaboration and continuous engagement between industry leaders and governmental organizations consistently worked throughout the Covid-19 pandemic and I believe that it should persist into the future. The industry must solidify its present key export markets going ahead and explore potential new ones. In this sense, it is vital to identify products with a strong potential for strategic advantage on global markets.” He adds, “All of these will increase India’s exports in pharmaceutical products and contribute to its international market share growth.”