India’s pharmaceutical industry is one of the largest in the world, as it currently ranks at No. 3 worldwide for pharmaceutical production by volume and No. 14 by value. Notably, India is also stated to be the largest provider of generic drugs globally, which majorly attributes to the status that the country commands as the “Pharmacy of the World”. Currently, the Indian pharmaceutical sector contributes to 1.72 per cent of the country’s Gross Domestic Product (GDP).
Greater Focus on Domestic Production
In the backdrop of the pandemic highlighting the need for a robust Indian manufacturing base of pharmaceutical products, and finding its roots in the current government’s “Atmanirbhar Bharat” and “Make-in-India” policies, the pharmaceutical industry (among others) has been a focus of multiple schemes relating to domestic production-linked incentives (PLI Schemes). PLI Schemes primarily focus on making the Indian pharmaceutical industry self-reliant and to reduce dependency on other countries for pharmaceutical manufacturing.
Please click here to read the full article by Upendra Nath Sharma published in BioSpectrum.
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