India has emerged as the world’s biggest exporter of generic drugs, commanding an enormous share of the global export market. The Indian pharmaceutical industry has witnessed remarkable advancement in areas such as infrastructure upgradation and technological advancements. This growth has propelled India to the forefront of the generic medicines export landscape, human resources, producing a Global Access to Medicines.
India’s success in the generic medicine export market can be attributed to several factors. The country has a large pool of skilled scientists and technicians, and Indian companies have pioneered the development of cost-effective manufacturing processes.Moreover, the Indian government has taken proactive measures to bolster the growth of the pharmaceutical sector by formulating conducive policies.
A notable initiative is the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) scheme, which is designed to enhance the accessibility and affordability of quality generic medicines for the masses. This strategic move underscores the government’s commitment to fostering an environment that nurtures the expansion of the pharmaceutical industry while prioritizing the well-being of its citizens.
As of 2021, India ranks 10th among the top exporting countries for drugs and medicines, with exports valued at $17.5 billion, accounting for 4.1% of the global market share. The country exports to more than 200 countries around the world, including highly regulated markets such as the United States, Europe, Japan, and Australia.
List of countries by pharmaceutical exports
Ranking by global drug and medicine exports:
- Global sales (2018): $371.3 billion
- Growth rate (2014-2018): Average annual growth of 5.80%
- Year-over-year growth (2017-2018): 7.9% increase
- Top exporting continent (2018): Europe, with $295.8 billion (79.70% of global total)
- Second place in exports (2018): Asia, at 10.70% of total exports
- Top Fastest-growing exporters (2019-2020): Slovenia (42.2%), Ireland (28.8%), India (13.5%), Italy (11.2%)
- Total market value: More than 75% of market value estimated at $354 billion
The low cost of production, research, and testing associated with Indian generic medications is one of its key advantages.This has made them an attractive option for countries looking to reduce healthcare costs. Indian pharmaceutical companies have set up manufacturing plants in countries like Brazil, Mexico, and Argentina to cater to the demand for affordable medicines, and you can buy generic medicine for Germany and other countries from trusted dealers like Ikris Pharma International (IPI).
Challenges Faced:
- However, the Indian pharmaceutical industry is facing challenges in maintaining its position as the world’s largest supplier of generic drugs.
- As the cost of generic medications continues to drop, price erosion has made it harder for low-cost producers to defend their profits.
- Furthermore, government initiatives to support the growth of their own national pharmaceutical businesses in important Southeast Asian, Latin American, and Sub-Saharan African economies and help customers to buy generic medicine for Italy and other parts of the world.
How to overcome these challenges?
- To overcome these challenges, the Indian pharmaceutical industry needs to continue improving regulatory compliance of manufacturing sites and developing cost-effective and high-quality manufacturing processes.
- Maintaining the industry’s position as a worldwide leader will depend on lowering its reliance on imports of important intermediates, starting materials, and active pharmaceutical ingredients (APIs).
In a nutshell, India’s position as the largest exporter of generic medicines in the world is a testament to the strength and resilience of its pharmaceutical industry. However, the industry must adapt to changing global market dynamics and continue to innovate to maintain its competitive edge. You can buy generic medicine for Eastern Europe with the right policies and strategies in place; India can keep playing a significant role in ensuring that people all across the world have access to reasonably priced, high-quality medications.
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