India's pharmaceutical industry, often hailed as the "pharmacy of the world," has established itself as a global powerhouse in drug manufacturing and export. However, the success of this sector hinges not only on production capabilities but also on the intricate web of logistics that ensures medicines reach patients safely and efficiently. As India continues to expand its role in the global pharmaceutical market, the importance of a robust, reliable, and innovative logistics infrastructure cannot be overstated.
THE GROWING IMPORTANCE OF PHARMA LOGISTICS
The Indian pharmaceutical industry is experiencing remarkable growth with significant implications for the logistics sector. According to Statista, revenue from the domestic pharmaceutical market is set to reach $13.16 billion in 2024. This growth is driven by factors such as increasing healthcare awareness, rising incomes, expanding healthcare infrastructure, and government initiatives to improve healthcare access. The same source projected that India's pharmaceutical market size will reach an impressive $450 billion by 2047.
The industry's global footprint is equally impressive. India is one of the biggest global suppliers of low-cost vaccines, producing 60% of the world's supply. According to a report by the Government of India, the country is also the largest provider of generic medicines globally, occupying a 20% share in the global supply by volume. The industry manufactures about 60,000 different generic brands across 60 therapeutic categories.
This growth is reflected in export figures as well. Data from the Ministry of Commerce shows that India's pharmaceutical exports surged by 9.67% to $27.9 billion in 2023-24, despite a 3% dip in total exports. India exports pharmaceuticals to over 200 countries, meeting over 50% of Africa's demand for generics, nearly 40% of the generic demand in the US, and approximately 25% of all medicines in the UK.
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Esta historia es de la edición November 2024 de Healthcare Radius.
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