THE COVID-19 PANDEMIC in 2020 was an unexpected boon for India’s drugs and pharmaceuticals industry: foreign direct investment (FDI) shot up by 188 per cent to $1.5 billion in 202021 from $517 million in 2019-20.
The FDI came into India’s manufacturing prowess in vaccines. The next year, FDI slipped by 5 per cent but surged by 46 per cent in 2022-23.
All this is good news for India’s presidency of the G20 bloc. The G20 presidency, say industry experts, has given centre stage to India, reaffirming its position as a leading player in healthcare and pharmaceuticals.
And it is not just vaccines: over the past five years, top multinationals have been injecting FDI into India’s drugs and pharmaceuticals sector. The Indian pharma sector is the world’s largest provider of generic drugs, with 20 per cent of global exports in terms of volume, according to India Brand Equity Foundation (IBEF), the branding and communications body for trade and exports under the commerce and industry ministry.
Now it’s up to India’s corporates to grab big roles in the world pharma play.
Satish Reddy, Chairman of Dr. Reddy’s Laboratories Ltd, India’s second-largest pharma major by gross sales, says, “India’s G20 presidency plays a crucial role in strengthening the nation’s identity as the world’s pharma hub.”
The G20, a forum of the world’s advanced economies—including the European Union— and developing countries, currently has 23 members, which account for 85 per cent of the world’s GDP. It meets annually to discuss global issues.
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