According to Indian valuation experts, May 18, May 18 (SocialNews.xyz) The Indian pharmaceutical industry is poised to grow at 7.8% year-on-year in April 2025, 7.8% from the previous year, as it appears as the largest supplier of affordable generic drugs.
The country’s pharmaceutical sector is currently ranked third in the world and 14th in value, contributing to 20% of global pharmaceutical supply. Sales in the Indian pharmaceutical industry touched on Rs 4,17,345 in 2023-24, which has steadily grown at over 10% per year over the past five years.
“For ordinary people, this means more medicine, more medicine, better medical care, work in factories and labs across the country. From small towns to big cities, the growth of Indian pharma creates opportunities and saves lives,” a government official said.
India has also emerged as a major supplier of vaccines. The country’s pharmaceutical sector supplies 55-60% of UNICEF’s vaccines, providing 99% of WHO’s DPT (Diphtheria, Whooping Cough and Tetanus) vaccine demand, BCG (Bacillus calmette-guérin is a vaccine used primarily against TB), and 45%. From Africa to the US, Indian vaccines save millions. At home, these schemes create jobs for young Indians, from factory workers to scientists. Foreign investors have poured Rs 12,822 in 2023-24 alone as they see the possibilities of India. The government welcomes 100% foreign investment in medical devices and Greenfield Pharmaceutical Projects, making India a hot spot for global companies.
Government schemes have played an important role in promoting the pharmasector. Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) operates 15,479 Jan Aushadhi Kendras and offers generic medicines at prices up to 80% lower than the brand’s. Once costing Rs 500, the cardiac drug supports 55 projects with a production-linked incentive (PLI) scheme of Rs 100,000, Medicine (PLI) scheme, producing premium drugs such as cancer and diabetes medications in India. Another PLI scheme of Rs 6,940 is focused on raw materials such as penicillin G, reducing the need for import. PLI for medical devices, backed by Rs 3,420 crore, is driving the production of tools such as MRI machines and cardiac implants, officials added.
Promotion of Bulk Drug Parks Scheme, which will build a Rs 3,000 trillion megahub in Gujarat, Himachal Pradesh and Andhra Pradesh, has made the medicine cheaper and faster. The strengthening of the Pharmaceutical Industry (SPI) scheme with Rs 500, financial research and lab upgrades has helped Indian companies compete globally. These initiatives mean that medicines are cost-effective and of high quality for India, India and the world.
Source: IANS
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