Indian Pharmaceutical Industry-Gearing for the next level

This article explores the evolution of Indian Pharmaceutical Industry right from its inception and how it marked its presence in the world market with new technologies, fostering innovation through new ways of product development, customer reach, interaction and partnerships globally. Cost of production of drugs in India is nearly 33 per cent lower than that of the US because cost of labour in India is 50–55 per cent cheaper in comparison to that in the western countries. It is also seen that the skilled workforce as well as managerial & technical competence in India is much higher in comparison to its peers in Asia. In addition to these cost of setting up a production plant in India is 40 per cent lower than in western countries. This makes it cost-efficient to create opportunities in emerging markets & Africa. India has the 2nd largest number of USFDA-approved manufacturing plants outside the US and has 2, 633 FDA-approved drug products. India has over 546 USFDA-approved company sites, the highest number outside the US. India's biotechnology industry which comprises of bio-pharmaceuticals, bio-industry, bio-services, bio-agriculture and bioinformatics is expected grow at an average growth rate of around 30 per cent a year and reach US$ 100 billion by 2025. However, Bio-pharma which includes vaccines, therapeutics and diagnostics, is the largest sub-sector with nearly 62 per cent of the total revenues at Rs 12, 600 crore. The Indian government with the initiative to bring down health expenses has taken many steps to reduce costs by speedy introduction of generic drugs into the market. The emphasis on rural health programmes, lifesaving drugs and preventive vaccines also acts as a catalyst for the pharmaceutical companies.