The Economic Survey 2023–24, which was submitted to Parliament on Monday, provides a thorough synopsis of the pharmaceutical sector in India, which is now ranked third in the world by volume and is estimated to be worth USD 50 billion. According to the survey, the industry would grow dramatically and reach an estimated USD 130 billion by 2030. This expansion emphasizes how crucial it is to develop the supply chain, innovate, and advance capabilities in order to sustain the industry’s future trajectory.
The poll makes clear that a number of critical variables will determine how the pharmaceutical industry grows in the next years. These include developing one’s skill set, implementing cutting-edge technologies, and building a reliable supply chain. In order to sustain a competitive edge and efficiently handle new healthcare requirements, it is imperative that the industry adapts by improving knowledge and integrating new technologies.
The pharmaceutical industry in India is renowned for its ability to produce off-patent medications, or generics, that are both efficient and reasonably priced. This market sector is essential to the global supply of reasonably priced pharmaceuticals, which improves public health by supplying less expensive substitutes for copyrighted medications. The poll highlights how important it is for the industry’s development and the good of society for inventors who create new medications as well as generic manufacturers who provide cheaper versions of already-approved medications.
The poll also highlights the need to concentrate on innovation in order to address unmet health problems and enhance access to healthcare, even though the Indian pharmaceutical industry has been successful in producing generic drugs. Developing novel medicines that will improve healthcare quality and yield higher returns on investment would need a shift towards innovation.
Moreover, the Economic Survey 2023–24 observes that continuous innovation, especially in the biopharmaceutical industry, has bolstered India’s development in pharmaceutical exports. The report indicates that even with these advancements, the nation still depends significantly on imports for some antibiotic Active Pharmaceutical Ingredients (APIs) that are fermented. The reason for this dependence is because making APIs domestically is more expensive than importing them.
The Economic Survey highlights the pharmaceutical industry’s twin contribution to affordability and innovation in India. It is critical to strike a balance between the ability to supply affordable pharmaceuticals and breakthroughs in drug research as the sector strives to meet its growth targets and contribute to global healthcare. This strategy will be essential for maintaining export growth and improving the general health of communities in India and around the world.
SOURCE:
ECONOMIC TIMES
