About two years back a magazine quoted Richard Gerster saying, “The Indian pharmaceutical industry is a success story providing employment for millions and ensuring that essential drugs at affordable prices are available to the vast population of this sub-continent.”
The Indian Pharmaceutical Industry today is in the front rank of India’s science-based industries. It has wide ranging capabilities in the complex field of drug manufacture and technology. It is directly related with health of people and therefore it has inherent value being an important and a highly organized sector. The Indian Pharmacy Industry is estimated to be worth $4.57 billion, growing at about 8.5 to 9 percent annually. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. From simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously. This significant achievement as the quality of these medicines is quite compatible to the international market.
The Indian Pharmaceutical sector is highly fragmented with more than 20,000 registered units. It has expanded drastically in the last two decades. The leading 250 pharmaceutical companies control 70 percent of the market with market leader holding nearly 7 percent of the market share. It is an extremely fragmented market with severe price competition and government price control. There are many advantages and disadvantages related to this governmental control.
The pharmaceutical industry in India meets around 70 percent of the country’s demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals and injections. There are about 250 large units and about 8000 small scale units, which form the core of the pharmaceutical industry in India (including 5 Central Public Sector Units).The state of Gujarat has a leading position among other states of India.
Indian Pharmacy industry has played a key role in promoting and sustaining development in the vital field of medicines; Indian Pharmacy Industry boasts of quality producers and many units approved by regulatory authorities in the USA and the UK. International companies associated with this sector have stimulated, assisted and spearheaded this dynamic development in the past years and helped to put India on the pharmaceutical map of the world. Thus India has an indisputable and leading place in the international market.
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