Indian Pharma Sector Witnesses a Growth of 12.1%September 21, 2022 2023-01-28 15:03
Indian Pharma Sector Witnesses a Growth of 12.1%
Indian Pharma Sector Witnesses a Growth of 12.1%
What does it mean for the pharma industry?
The Indian pharma sector is one of the fastest growing ones. It majorly contributes to the nation’s economy and helps boost the GDP. Despite the harrowing times of the pandemic, there has been a considerable rise in the pharma sector. As per the market research firm AWACS, the Indian pharmaceutical market has witnessed a 12.1% growth in value and 4.8% growth in terms of volume in the month of August. This clearly indicates positive growth of the pharma sector in the future.
This is a strong indicator of growth across all therapy areas. The Indian pharmaceutical market reported a record sale of Rs. 15,921 crores in July 2022.
- The Indian pharma sector is growing progressively
- India’s pharma exports have grown by 103% since 2013-14
- Despite the pandemic, the pharma sector reported positive growth during 2021-22
- During the times of pandemic, the Indian pharma sector reported an export of USD 24.4 billion with a year of years growth of 18%.
- The pharma trade balance is in India’s favor
- 55% of the Indian pharma export are in the regulated market
- India provided 115 million doses of vaccines to more than 97 countries
Which are the major areas in the pharma sector that saw growth during this period?
As we have mentioned above, there has been a constant rise in the Indian pharma sector; this is subjected to the raised prices of medicine as per the price regulation and infectious diseases associated with the monsoon due to the wholesale price index (WPI) inflation-linked price hike permitted by the government.
The major areas where we saw the greatest growth rate are
Cardiac -13% growth
Anti-infectives- 13% growth
Gastrointestinal- 12% growth
Vitamin sales and anti-diabetes sales – 9%.
The brands that have bagged the top deal are:
Why has the Indian pharma sector seen a constant rise?
Even times of pandemic could not stop this sector from growing. From supplying vaccines to the nations to researching new medicine, the Indian pharma sector has expanded exponentially.
It has witnessed a compound annual growth rate of more than 15% in the last five years. This has also paved the way for several growth opportunities for other pharma companies in India.
In order to sustain this growth, it is expected that the pharma companies should harp upon innovative methods and research to develop medicines and vaccines that can make India stand strong on a global pedestal. With the growing competition, it is also important for companies to adopt newer ways to explore growth opportunities and sustain this growth rate in the future. They have to adopt new business models and innovative ideas to cater to the growing demands of customers in India and abroad.
One of the aspects that the pharma sector can work upon is tele-medicines. This concept has already been in existence but gained popularity during the time of the pandemic when it was difficult for people to reach out to healthcare professionals.
Will the Indian pharma sector reach a miraculous mark of $130 billion by 2030?
While the figures are promising, there is a common question that we need to answer. The Indian pharma sector aims to reach a mark of $ 130 billion by2030. So what has contributed to this growth in the pharma sector? The key driver of the growth of the Indian pharma sector is its seamless supply chain and export-friendly policies.
India has been the leader of pharma companies in supplying generic formulations across the globe. During the period 2020-2030, it is believed that the Indian pharma sector will shoot up to a mark of $130 billion by 2030 from $41.7 billion in 2020.
Some of the key nations where India supplies medicine
- India supplies around 40% of generic medicines to the US
- 25% of the prescription drugs in the UK
- India also caters to 60% of the global vaccine demand
The areas of the pharma sector that has triggered the growth of the Indian pharma company:
- Innovation-led research and development
- Healthcare delivery (R&D)
- Manufacturing and supply chain
- Market Access
Moreover, the policies of the government have also played an important role in enhancing exports, thereby contributing to the growth of the pharma sector in India. With accelerating research and innovation in the pharma sector, India will soon gain a prominent position in the global pharma market.
The figures are promising, and the future looks optimistic; the steady supply chain system has been a key contributor to ensuring the timely supply of medicines across the globe. “We expect India to be a leader in the pharma sector and as one of the leading and trusted names in the business, JMS will be contributing to maintaining a seamless supply chain of medicines across the globe,” said Mr. Kapil Jindal, director of Jindal Medical Store. This will eventually make India a strong foothold in the global pharma market.