Despite Covid-19 pandemic in the world. Pharma sector grow at stable rate and remains continue during the lockdown period. Due to India-China conflict, India Pharma sector has facing short supply of bulk drugs. Now government wanted to reducing the dependency on China through establishing bulk drug parks and various schemes for the bulk drug sector.
The Indian pharma market is the third largest in terms of volume and 13th largest in terms of value, and 20 per cent in the volume. Annual turnover of USD 38 billion. Today Indian Pharma Sector can be attributed to world-class capabilities in formulation, the entrepreneurial skill and the vision of the industry to establish India’s footprint in large international markets such as the United States, Canada, Europe and Japan. The US market, which accounts for a third of India’s pharma exports, recording over 14.5% growth over last fiscal.
Growing input costs and disruptions in supply-chain due to the pandemic and stringent regulatory action could restrained operating profit for the Indian pharmaceutical sector in the current time. The COVID–19 pandemic is changing the world order and power structure, compelling leaders across the globe to revisit their business and growth strategies. With its deep expertise in the manufacture of drugs, highly skilled scientists, and low-cost manufacturing, India definitely stands to gain from such a restructuring.
The Indian pharmaceutical industry is poised for growth. Even if you consider at current rates of 7 to 8 % CAGR, the industry’s annual revenues can grow to about USD 80 to 90 billion by 2030. By 2030 the industry can aspire to build a strong innovation and enhance Indian pharma's significance beyond generics, to biologics, new drug development and incremental innovations.
