The business world and societal norms are transforming rapidly, triggered by the demands of the modern world. The pharmaceutical manufacturing industry is one such industry that has undergone a major reformation with new concepts.
Market Size and Overview of the Pharmaceutical Industry in India
The Indian pharmaceutical manufacturing industry is currently the 3rd largest in the world by volume, and 14th largest in value, with a recent turnover of INR 2,89,998 crores. The top segments of the pharma industry are generic drugs, OTC medicines, vaccines, API/bulk drugs, and Biosimilars & Biologics.
The country also enjoys the 2nd-highest number of US FDA-approved units outside the US, and produces over 60% of global vaccine, including up to 70% of production of Diphtheria, Tetanus and Pertussis vaccines.
According to leading pharmaceutical industry consultants, India is the world’s largest producer of generic drugs and low-cost vaccines. It also provides global access to affordable HIV treatment. The high-quality and low-price combination make Indian medicines highly preferred across the world.
Touted as the “Pharmacy of the World”, the Indian pharmaceutical industry contributes about 1.72% of the country’s GDP. Currently, the domestic pharma market stands at US$ 42 billion that is expected to touch US$ 65 billion by 2024 and surpass US$120-130 billion by 2030. Likewise, the Indian biotechnology industry is valued at US$70.2 billion and is likely to reach US$150 billion by 2025.
Benefits of Starting a Pharmaceutical Manufacturing Industry in India
The huge market combined with a huge number of professional chemists makes drugs exceptionally cheap in India. The government is partnering with renowned drug manufacturers to enable its supply chain maintain the momentum. The cost of setting up an FDA-approved drug plant in India is cheaper by 50% compared to developed nations.
American organizations consider India as the perfect place to set up their ventures. Given the huge domestic market, India can acquire huge amounts of generic medicines at lower costs and strengthen their position in the global marketplace.
Intense growth and competition
The extreme competition combined with a steady expansion has triggered a reduction in the cost of medicines. It’s further reduced due to the advanced medical infrastructure, development of new markets, and the launch of patented merchandise.
Updated manufacturing plants
The pharmaceutical industry in India is assisted by huge investments from various pharma production firms to take the industry global. The production plants meet the standards of the FDA as per the reports from Deloitte.
Leading Business Ideas
Active pharmaceutical ingredients manufacturing involves several complex chemical and biological processes and technologies that help produce the perfect synthesis. A pharmaceutical manufacturing industry uses set procedures to determine the strength and size of an API in a specific medicine.
Compounding involves the production of bulk drugs that are a type of API in medicine production. A licensed facility can compound a drug product via bulk drug substance that doesn’t include the allergen that causes adverse reactions.
Pharmaceutical manufacturing consultants throw light on the lucrative opportunities available in the production of specialty chemicals. These drug intermediates are formulated in the right proportion to produce a specific medicine and meet the requirements of a specific need.
Contract manufacturing for pharma industries
A pharma company can use the facility of other pharmaceutical organization to manufacture medical products under their brand. This popular field of contract manufacturing also allows a pharma company to perform drug stability studies, and develop compliance documents as per FDA standards.
Pharmaceutical Industry Trends
- The use of artificial intelligence
- The wide acceptance of medical marijuana
- Producing precision medicine to meet a specific diagnosis
- Integrating blockchain technology
- Revolutionizing the digital processes
- Smaller production of high-quality medication in batches
- Incorporating cloud technology to partner with several stakeholders seamlessly
- Offering discounts and rebates
- Implementing digital training facilities
Export Opportunities for Pharmaceutical Industries
Pharmaceutical industry consultants show how the industry lays a special emphasis on the available export opportunities for numerous pharma units operating across the nation.
Going by the latest developments and current market share, export options for the Indian pharmaceutical manufacturing industry are looking bigger and better. Real-time figures prove that bigger opportunities are coming in the way. AS per the IBEF, the Indian pharma industry touched $50 billion in 2016, and is estimated to increase three times in the near future.
While the country’s pharma industry accounts for over 70% of the world’s generic drugs, India plans to invest at least INR 1 crore by 2023 for manufacturing pharmaceutical ingredients domestically.
India already has exported drugs & pharmaceutical products worth US$ 9.92 billion in 2021, and the same year saw the export of bulk drugs and drug intermediaries worth US$ 1.37 billion.
Kiran Mazumdar Shaw - A Success Story
The Indian self-made female billionaire and entrepreneur is a shining example of how women can excel in any field, given they have the vision, commitment, and the determination to succeed.
She spearheaded Biocon Limited, based in Bangalore, make significant breakthroughs in clinical research. In 2019, she was positioned at #65 on Forbes lost of the most powerful women in the world. Her achievements also paved the way for enormous success in other areas, and she is also a former member of the board of governors of IIT, Hyderabad.
Her fascination with research started early in her life, and her father suggested her to study fermentation. She achieved her degree in malting and brewing from Melbourne University, Australia, and returned to India to start Biocon in the garage of her rented house in Bangalore with a capital of INR 10,000.
In 2004, Biocon issued an IPO that was oversubscribed 33 times, and it enjoys the 2nd company to cross the $1 billion mark on the very first day of being listed on stock markets.
SolutionBuggy Assistance to Pharma Industries
Talking about pharmaceutical manufacturing consultants, SolutionBuggy is a flagship brand that provides comprehensive assistance and rave insights for setting up a pharmaceutical industry in India. The manufacturing domain service provider devises practical aspects on a real-time basis to raise awareness of FDA-approved global industry players in India.
SolutionBuggy offers an AI-based platform for the Indian pharmaceutical manufacturing industry to address business challenges with a clear-cut vision, and collaborate with industry partners via the cohesive network of expert industry consultants.