India’s Milestones in COVID Vaccine Export Restore It as ‘Pharmacy of the World’
Ahead of the Republic’s first-ever ‘India Economic Summit’, which will see the most influential names in industry and business come together to take a closer look at the fastest growing large economy globally, Republic World is taking a deep look at some of its main drivers.
Here is a look at how the Indian healthcare industry has recovered as the world’s pharmacy.
The Health Sector in India – “Meeting National and Global Needs”
India’s burgeoning healthcare sector is a major source of breakthrough innovations, especially when it comes to delivering life-saving medicines at affordable prices to the countries that need them most. Over the past 50 years, Indian pharmaceutical companies have succeeded not only in meeting their domestic needs, but also in taking a leading position in the global pharmaceutical landscape.
With companies like Cipla, Aurobindo, Emcure, Hetero, Macleods, Matrix, Ranbaxy and Strides, India has played a huge role in supplying medicines to the world. In addition, India has supplied vaccines to the world, with vaccine manufacturing companies like Serum Institute of India, Bharat Biotech, Dr Reddy’s Laboratories, Zydus Cadila, Biological E, Gennova Biopharma and Panacea Biotech leading the way.
Whereas it held only 5% of the market in India in 1969, with 95% of the shares held by the global pharmaceutical industry, the Indian pharmaceutical industry now holds 85% of the market share of its own country, the pharmaceutical industry global holding only 15% in 2020.
India’s role as “Pharmacy of the world” reestablished during pandemic
Also during the pandemic, in addition to protecting its own population, India also acted in the interest of the world by providing medical supplies and equipment to more than 150 countries around the world and placing a critical supply of vaccine. COVID in the global market.
According to data, India exported 5.84 crore of COVID vaccine doses to 70 countries in March 2021. Besides vaccines, India also exported essential drugs like hydroxychloroquine, paracetamol as well as azithromycin to more than 20 countries to help fight the COVID pandemic.
Relevantly, India in the past has emerged as a lifeline by producing affordable versions of treatments for HIV, TB and Malaria, reducing the price by over 99%.
Revolution in healthcare in India
The COVID pandemic is bringing fundamental changes to the world. India’s life science and health industry is not immune to broader emerging trends including digital healthcare, data-driven connected health ecosystem, business chain consolidation. supply and innovation in R&D.
To bring India’s health sector to new heights, the Ministry of Finance announced an increase in the allocation of funds. Finance Minister Nirmala Sitharaman has proposed a budget expenditure of 2,236,446 yen crore for health and welfare for the 2021-2022 fiscal year, compared to 94,452 yen crore for the current fiscal year, a 137% increase.