India’s pharmaceutical industry is taking the world by storm with its reputation as a leader in the production of affordable and high-quality generic medicines. The US market, in particular, is witnessing the growing dominance of Indian pharma companies with an investment of Rs 82,000 crore in the country. Recently, the US drug regulator FDA approved the export of medicines with the “Made in India” tag to the Granules company, which has also established packaging facilities in Virginia.
Quality and Affordability of Indian-Made Medicines
The affordability of Indian-made generic drugs is one of the key factors driving their popularity in the US and other countries. Americans who cannot afford branded drugs are turning to Indian-made generic medicines, which offer the same quality at much lower prices. In fact, the healthcare system in the US saved around Rs 25.66 lakh crore during 2019 due to the use of generic medicines.
Apart from their affordability, Indian-made medicines also have a reputation for their high quality. Indian pharma companies are involved in drug research in the US as well, with Sun Pharma’s large production unit in New Jersey and Dr. Reddy’s Lab’s penicillin unit in Louisiana.
India’s Contributions to Global Healthcare through Research and Innovation
India’s pharmaceutical industry is also taking vigorous steps to promote research and innovation, with the government supporting initiatives to take the sector to new heights. As a result, Indian medicines are exported to almost every country in the world, with India holding a major share in the global pharmaceutical industry. In terms of pharmaceutical production, India is ranked third in the world in terms of volume and 14th in terms of value.
India’s Role as the World’s Leading Provider of Generic Medicines
India’s role as the world’s leading provider of generic medicines is also noteworthy. India accounts for 20% of the global supply of generic drugs by volume, exporting to countries across the world, including Africa and America. India meets 40% of the demand for generic drugs in the US and 50% of Africa’s demand for generic drugs. India also plays a significant role in meeting the affordable drug needs of poor countries in Latin America and Africa.
In conclusion, India’s pharmaceutical industry has emerged as a major player in the global market, offering affordable and high-quality generic medicines to people across the world. With its focus on research and innovation, India is well-positioned to maintain its leadership position in the pharmaceutical industry in the years to come.
