By 2020, it is the reverse, with Indian pharma having an almost 85 percent share and global, 15 percent. Over these years the Indian pharmaceutical industry has build-up its position both in terms of meeting the domestic needs as well as building a leading position in the landscape of the global pharmaceutical.
Indian drug companies are major manufacturers of vaccines distributed worldwide, supplying more than 60% of vaccines to the developing world. The Indian pharmaceuticals market is the third-largest in terms of volume and the 13th largest in terms of value. India has a competitive advantage in this industry due to the availability of huge raw material base and skilled workforce. Indian pharmaceutical industry is expected to export medicines and other goods worth over $25 billion in the current financial year; up from $20.5 billion in 2019-20.
During the first six months of the current financial year, Indian pharmaceutical exports were $11.38 billion, nearly 15 percent more than that in the same period last year. Indian pharma export is a highly regulated market and thus, this increase is considered quite significant. India is the largest supplier of generic medicines globally in the range of 20–22% of the global export volume. India has exported US$ 3.89 billion of Bulk Drugs & Drug intermediates in FY20.
This story is from the December 2020 edition of Extraordinary and Plenipotentiary Diplomatist.
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This story is from the December 2020 edition of Extraordinary and Plenipotentiary Diplomatist.
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