New Delhi, 27 February (IANS). India’s pharmaceutical industry has recorded a rapid decline of 11 percent in cases of regulatory violations in 2024. This information was given in a latest report.
Cases of regulatory violations, including the official action indicated (OAI) tag by the US Drug Regulator, were 23 percent in 2014. This decline states that the country’s pharma industry has improved compliance in accordance with international standards.
Globally, in 2014, the OAI status was 6 percent and now it has more than doubled to 14 percent.
The Indian Pharmaceutical report states that the total number of inspections of US Food and Drug Administration (FDA) has declined globally, which has come down from around 1,849 annually in 2014 to around 940 in 2024, while India’s share has increased.
Meanwhile, another recent report has shown that the country’s drug export is estimated to double from $ 27 billion in 2023 to $ 65 billion by 2030. The pharma industry may increase by 2047 to an estimated 350 billion dollars.
India is the largest supplier of generic drugs globally, which produces one in five generic drugs sold worldwide, the country is currently ranked 11th in terms of export price.
According to Ben & Company report, India has included and diversified it by incorporating special generics, biosimilers and innovative products in its export basket. The report emphasizes how India can get a place in the top five countries in the export price by 2047.
The report stated that currently Indian biosimiller exports worth $ 0.8 billion are also estimated to increase by 5 times by 2030 to $ 4.2 billion, which will be 4 percent of the global market and will reach $ 30-35 billion by 2047.
India’s pharma export is 70 percent and is priced at $ 19 billion, which is estimated to increase by 2047 to $ 180–190 billion.
-IANS
SKT/AS