India has globally-renowned pool of scientists and engineers, says report
North America remained the largest market for Indian pharmaceutical exporters, while demand was also witnessed from unconventional markets in the financial year ended March 2021, according to a ReserchAndMarkets report.
North America accounted for a share of 34% of the pharmaceutical exports and recorded a growth in exports to the tune of 12.6% year-on-year.
Exports to Canada recorded a growth of 30% year-on-year and exports to Mexico recorded a growth of 21.4% year-on-year, said the “Assessment of India’s Pharmaceutical Market 2021” report released 9 Feb 2021.
With a pharmaceutical market of US$42 billion in 2021, India has a well-developed healthcare sector with a globally renowned pool of scientists and engineers and being rated as the largest provider of generic drugs.
The country is the third-largest producer of pharmaceuticals in the world, by volume and 14th largest by value.
India fulfills approximately 50% of the global demand for vaccines, 40% of generic demand in the United States and 25% of all medicine in the United Kingdom.
In December 2021, the country was hit with the Omicron virus. Omicron, while another addition to the tragic Covid waves in India, also represents a huge opportunity for the sector.
Growth is expected to be driven by new vaccines and therapeutics to treat the highly transmissible Omicron variant.
In the period April-May 2021, the share of Covid-19-related therapies stood at 44% of the total Indian pharma market’s sales.
Main players in the sector are Bharat Biotech International Limited, Serum Institute of India, Dr. Reddy’s Laboratories, Sun Pharma Industries Limited and Cipla Limited. fiinews.com
