How Pharmaceutical Industry Impact the Economy of India
The discovery, development, production and distribution of medicated drugs throughout the world is the key feature of the Pharmaceutical industries.
Indian pharmaceutical industries are also completely involved in the supply of medicated drugs and they are known to have some unique properties:
- India is the largest supplier of generic medicines.
- The local dealers dominate the market by having the capability of formulations development and investments at the early stage and
- the cost price of medications in India is very low compared to other competitors.
These properties and the capabilities of pharmaceutical industries have imposed a very positive effect on the economy of India. Indian pharmaceutical sector supplies medicines up to 70 to 80 per cent of the retail market demand and more than 50% of the global demand for various vaccines. The pharmaceutical industry has a global circle and hence earns at the International level. It can earn more than $10 billion annually. In terms of values India ranks 10th and in terms of volume, it holds the third position in the global market.
Top Pharma Manufacturers in India
It is found that the Indian pharmacy unit has the ability to grow to US$ 100 billion, while the medical device market is expected to reach US$ 25 billion in the global market by 2025. Pharmaceuticals’ export products from India include bulk drugs, intermediates, drug formulations, biologicals, Ayush and herbal products and surgical. India’s biotechnology industry comprising biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics is expected to grow at an average growth rate that could reach US$ 100 billion by 2025. At Maya Biotech, a Contract Manufacturer of Injectable in India, the pharma products are manufactured at two levels that include: primary manufacturing and secondary manufacturing. Primary manufacturing is concerned with the synthesis of the bulk amount of the active ingredients (drug substances) while secondary manufacturing involves the formulation of bulk drug substances into the final drug products such as pills, topical formulations, or injectables. The products thus manufactured are distributed throughout the country and are easily available to customers throughout India. As they are produced in bulk amounts and circulated at a very rapid rate, they help in improving the economy of the country. These products are exported to other countries as well via the host companies and therefore they are also considered to profit the nation by earning through foreign exchange.
The Third Party Pharmaceutical Manufacturer in India, 3rd Party Manufacturing Pharmaceuticals in India, act as the backbone of the pharmaceutical market and helps the host companies in improving the economy of the nation. Maya Biotech Pvt Ltd is a Contract Manufacturer of injectables in India, Third Party Manufacturer for injectables in Himachal and it plays a leading role in the pharmaceutical market.