Manufacturing edge: 58 companies are certified by US FDA, WHO, MCC and MHRA
The Indian pharmaceutical contract manufacturing market is anticipated to grow at a favourable CAGR of around 13.3% during 2022-28, as India, being one of the free trade agreement members, holds the access to the best established and emerging pharmaceutical markets in the Asia-Pacific region.
Due to the favorable factors, such as low manufacturing cost, easy availability of skilled workers, and well-established certified plants, the Indian pharmaceutical contract manufacturing has witnessed higher growth, said the report “Indian Pharmaceutical Contract Manufacturing Market Research and Forecast 2022-2028”.
Nearly 58 companies have certification including Emcure Pharmaceuticals Ltd which is certified with US FDA, WHO, Medical Control Council (MCC) and the Medicine and Healthcare products Regulatory Authority of the United Kingdom, according to the report released on 19 Oct 2022.
In basic manufacturing of medical drugs and devices, India has a superior edge over nations, such as Vietnam, China and Ireland, owing to the availability of immense raw material, technical workforce and WHO-approved production premises.
During the COVID-19 pandemic, several initiatives were taken by the Union Cabinet to boost the Indian pharmaceutical industry, which includes the amendment of the existing foreign direct investment (FDI), which allows the foreign investors to invest up to 100% under the automatic route for manufacturing medical devices.
With the advent of global pharmaceutical organizations, and their vast presence in India, the concept of contract manufacturing has steadily evolved, which in turn boosts the growth of India’s pharmaceutical contract manufacturing market, said the report.
Leading companies in the sector are:
Agrata Biotech Ltd
Ankur Drugs and Pharma Ltd
Aurobindo Pharma
BDR Pharmaceuticals Internationals Pvt Ltd
Ceegolabs Pvt Ltd
Ciron Drugs & Pharmaceuticals Pvt Ltd
Contract Pharmaceuticals Ltd
Cosway Biosciences
Cubic Lifesciences Pvt Ltd
Daffohils Laboratories Pvt Ltd. fiinews.com
