New Delhi, 28 February (IANS). According to a latest report, the Indian Pharma sector has increased by 8 percent CAGR and in 2024, export rates have also registered a 9 percent increase.
The report of McInsey & Company has revealed that there is a rapid production increase in the pharma sector in the country. Expanding its capabilities in API and bio technology, Sector 8 percent has increased at the rate of CAGR, which is twice the global average.
The report said that the country has also become the world’s largest supplier of generic drugs, whose pharma export growth rate is 9 percent, which is almost double the global average.
Currently, India fulfills 20 percent of the global demand. This includes more than 40 percent generic medicines supplied to the US and 25 percent to the UK.
India also supplies 70 percent of the global anti-retroviral drugs for more than 60 percent of the world’s vaccines and HIV treatment.
Apart from this, the report has shown that India is also moving forward in MRNA, SAIL and gene therapy and antibodies.
Pharma sector in India has seen an increase in the number of US Food and Drug Administration (USFDA) registered generic manufacturing site. India had a network of 752 FDA approved in 2024, 2,050 WHO GMP Certified and 286 EDQM approved plant.
There has been a sharp improvement in compliance results over the years. Following USFDA inspections, the incidents of ‘official action indicator’ (OAI) have fallen by 50 percent between 2013-14 and 2023-24.
The pharma sector has also seen a boom in the Green Manufacturing initiative, in which 10 out of India’s top 20 pharma companies have resolved to reduce more than 30 percent emissions by 2030.
Despite these progress, the industry is facing important challenges. Disruptions such as digital transformation, smart automation and new treatment methods can give a new look to pharmaceutical operations.
Vishnukant Pitti, partner of McInsey & Company, said, “India’s pharmaceutical industry is strong today due to what has been created in the last decade.”
-IANS
SKT/
