The COVID-19 pandemic has caused not only a global health calamity; but also a massive financial crisis; in several economies. Amidst this, the Indian Pharmaceutical Industry rose like a phoenix in this catastrophe. The Indian Pharma industry witnesses a steep growth with employment generation and significant innovations. The pandemic demonstrated that India can invent and supply time-critical drugs in a short timeframe.
The Indian pharma industry is expected to grow at around 9 to 11% in this fiscal year, driven by emerging and domestic markets. This industry comprises approx 10,500 manufacturing units and 3000 pharma companies. It generates drugs at roughly one-third, the cost of those in the United States and half those in Europe. Furthermore, it supplies approx 62% of vaccines and 20% of the world’s generics. At the same time, the PCD pharma companies have also joined the bandwagon.
The contribution of the Indian pharmaceutical industry in the COVID-19 response
The Indian pharmaceutical industry, since the outbreak of this pandemic – has played a significant role in the production and supply of vital drugs. Because of its ability to rapidly increase production and deliver high-quality, cost-effective generic medicines to over 133 countries, the Indian pharmaceutical industry; is aptly referred to as the “pharmacy of the world.”
Especially, a few Indian pharma companies are leading the manufacturing of Remdisivir – an antiviral drug, to distribute it in several countries to combat the surging demand to cure Covid-19. COVID-19 vaccine is mass-produced in India, given the country’s substantial competence in cost-effective vaccine manufacturing.
COVID-19’s implications on the Indian pharmaceutical sector
Indian pharma companies import a major portion of API or active pharmaceutical ingredients from China. The Indian pharma industry faced supply chain disruptions at the onset of the COVID-19 pandemic resulting in price increases for a few critical APIs.
The disruption of supply chain and manufacturing operations resulted in a negative impact on the pharma industry. Export restrictions on medication formulations and APIs, combined with a drop in domestic pharma sales, resulted in massive losses for the industry.
In comparison, in the fiscal year 2021, the impact of Covid-19; on the IPM was limited. The second wave increased the sales of medicines thus, resulting in tremendous growth for the pharma sector. The promotion of bulk drugs and implementation of PLI – Production Linked Incentive schemes worked particularly well for the Indian pharma market. It is due to the emphasis on promoting the production and export of value-added products and decreased reliance on imports of vital materials.
What opportunity does the future present?
The Indian pharma industry offers opportunities in Healthcare Delivery, Manufacturing, supply chain, Innovation, and R&D. The future of this industry seems bright in the coming decade. A small percentage of total healthcare spending clubbed with the country’s social health statistics, as a share of GDP, is below average, indicating a chance to improve healthcare services. To add to it, the PCD Pharma franchise in India, one of the leading pharmaceutical business models, promises a bright future for the industry.
This industry needs to embrace innovations and new technologies and focus on digital health. For a robust growth rate and sustainable market, innovative business models; should be created to balance local manufacturing costs and control drug prices. Effective and on-time implementation is essential to take up the challenges of the pharma sector.
With several further advancements in the healthcare and pharma sector, the future; will be driven by machine learning – ML and artificial intelligence – AI. Right from the diagnosis of the disease, customized treatments, drug discovery, and production to effectively using data for forecasting and clinical trials, ML and AI will drive the future of the pharma industry.
Conclusion
With the newer variant-led infections; and dynamic on-ground situation, the pandemic is not over yet. In such scenarios, for any business to stay relevant, they need to be more adaptable and flexible to the changes. The pharmaceutical sector has been a driving force in assuring the accessibility of treatments and vital drugs throughout Covid-19 and beyond.
Understanding the need of the hour, the PCD pharma franchise business model has picked up the pace in recent times. One such leading PCD pharma franchise company is Tesni pharmaceuticals. We strive to contribute to the expansion of the Indian pharmaceutical industry. Contact us on 9824382041 / 9825965521 or write to us at tesnipharmaceuticals@gmail.com to be a part of the growth of the pharma sector.
The rapid recalibration of the industry in the face of adversity has demonstrated that it has incredible potential. There is always a new horizon to pursue.