The Indian pharmaceutical business has grown extraordinarily, from zero to 13 percent of the worlds pharmaceutical market, based on a survey by Asian Light. According to the research, this tremendous increase results from several market-friendly laws, a healthy economy, prompt action, and, to a greater extent, the desire to promote the welfare of the general public.“Pharmacy of the world”: The growth of the Indian pharmaceutical industryThe Indian pharmaceutical market has grown rapidly in recent years and is anticipated to account for roughly 13% of the global pharma market while improving its quality, accessibility, and innovation. India has supplied nearly 200 countries from both developed and developing markets with generic medicines, living up to its reputation as the “pharmacy of the world.”The country, which produces 60% of the worlds vaccine supplies, has made headlines recently for being the largest vaccine manufacturer worldwide. According to a McKinsey analysis, the Indian pharmaceutical business has a great opportunity thanks to a huge number of local players generating branded generics at lower price points.The pharmaceutical business has grown significantly in India, going from practically nonexistent to a significant worldwide player. According to Asian Lite, this remarkable rise results from numerous timely decisions, a sound legal and economic foundation, and, to a greater extent, a desire to improve the general well-being of the public.Indian Patents ActThe Patents Act of 1970, which replaced product patents with process patents, marked the beginning of it all. This suggested that manufacturing was the main focus of patenting rather than product patents. In three ways, it helped Indian pharmaceutical companies. First, companies made medicines without paying extortionate royalties to patent owners. Second, it helped India create a self-sufficient pharmaceutical industry and lessen its reliance on medicine imports. Finally, according to Asian Light, Indias pharmaceutical business grew rapidly as a result of the development of less expensive generic versions of patented medications.India, however, modified its patent laws and ratified the Trade-Related Aspects of Intellectual Property Rights (TRIPS) contract after the WTO was established. As the contract called for patents for new pharmaceutical items and techniques, India then made a few changes to its patent rules. Notwithstanding the paradigm shift, India had made significant progress in its pharmaceutical supply by that point.Covid-19 pandemic and the expansion of Indian pharmaceutical industry2020 was the year of the Covid-19 pandemic, which provided Indian pharma with a new window of opportunity. India became a key vaccine exporter globally by combining growth in the R-D ecosystem with advantageous policies, promoting self-reliance in vaccine provisioning. India reached the one billion mark by providing free vaccinations to its population. India not only established itself as a significant worldwide participant but also supplied COVID-19-related medical aid to over 150 nations, according to Asian Light.In January 2021, India launched the Vaccine Maitri Program, with the goal of distributing 72.3 million doses of Covid vaccine to 94 nations by the end of 2021. In addition to vaccine effectiveness, several countries favoured the Indian vaccine due to its low-cost vaccine development and ability to produce large-scale export shipments. This was especially important for low-income nations, which were unable to compete with wealthy nations for vaccine procurement during the pandemic.According to an expert, Indian pharma has evolved to adapt to the crisis faster than any other country by developing large-scale medications on a tight deadline. To ensure supply meets the demand for generic pharmaceuticals, the Indian government launched the PM Bhartiya Janaushadhi Pariyojana (PMBJP), through which Janaushadi Kendras (medical shops) distribute generic medications at low prices to the common people. More than 8,500 such shops will be operational across the country by the end of 2022.With a present worth of USD 50 billion, favourable government legislation and vigorous R&D development in the pharmaceutical sector are expected to contribute to a path of resilient expansion not only in quantity but also in quality. The governments and the pharmaceutical industrys dedication to ensuring the ample availability of high-quality medicines at cheap rates gives India a chance to take a leading position in the global market, with a particular concern for the well-being of its citizens.
