Impact Of Covid-19 Pandemic On Indian Pharma Industry

By Author: SolutionBuggy
Total Articles: 24
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India is the largest generic drug provider in the world. India supplies over 50 percent of vaccines across the globe and meets 40 percent of generic drug demand in the USA .Indian pharma companies are well known for their affordable generic drug production.
The pharmaceutical industry in India has come a long way from its budding stage in the early 1960s sustaining the dominance of foreign companies to becoming a key contributor to the country’s economy meeting both domestic and global medical requirements. The Indian pharma industry has been playing an important role in saving the lives of millions in the world and improving the world healthcare infrastructure. The Indian pharma industry is expected to become USD 100 billion by 2025.

While many industries are struggling due to coronavirus outbreak and the subsequent lockdown imposed in the country, Indian pharma companies are witnessing a steady growth in the critical times of Covid-19 pandemic. Indian pharmaceutical companies have been instrumental in combating the virus with their huge potential for the supply of medicals and generic drugs. India has recently ...
... sent millions of doses of hydroxychloroquine that has been identified as a potential treatment for Covid-19 treatment by the US Food and Drug Administration to over 50 counties.

The Indian pharma industry, however ,has its own challenges that are seen as a cause of concern .Owing to the nation-wide lockdown that has disrupted the supply chain across the country the prices of raw materials and other key ingredients are rising, challenging the production of medicines .Also, closure of factories in China on which India depends for a large number of APIs and KSMs required for the manufacture of generic drugs has negatively impacted pharma companies in the country. In addition to the price hikes, inter-state transport and disruptions in the labour market due to migrations are seen as major challenges for the pharma industry in the country .Pharma industry consultants can assist pharmaceutical companies to overcome the challenges by devising optimal business strategies to manage unforeseen situations.

Despite the afore-mentioned challenges, the Indian pharma has a huge potential to scale to new heights in the long run. The Covid-pandemic has caused a severe loss of reputation to China, the epicentre of coronavirus in the global market. Hence, a large number of companies are looking towards India as a credible and the best alternative to China for the manufacturing of goods. The abundant availability of cheap labour is another advantage to India over other nations. Considering the ongoing pandemic situation across the world, health awareness is increasing rapidly among the people which in turn will increase the demand for medicines. Indian pharma industry given its proven expertise in terms of large-scale and cost-effective manufacture of generic drugs should leverage this opportunity without any delay by acting wisely.

But, for the Indian pharma industry to excel and reach new heights by exploiting the current situation, it should minimize its dependency on the imports of APIs and other intermediaries from China. India currently imports over 70 percent of APIs which mostly consists of antibiotics and vitamins form China, according to the Trade Promotion Council of India. In 2018-19 alone Indian pharma companies imported APIs worth of USD 2.4 billion from China. The government is also taking required measures to encourage local companies for the domestic manufacture of APIs. Indian pharma companies should focus on research and development of APIs and generic drugs to stay relevant in the highly competitive market.

If you planning to setup a pharmaceutical company and looking for pharma consultants who can provide you with valuable advice and assist on your specific requirements, then SolutionBuggy is your perfect aid .SolutionBuggy provides you with experienced pharma consultants who can help you to set up the industry and address various issues right from plant designing, GMP compliance and validation, pharma turnkey project consultation and R&D projects ,bulk drugs and API manufacturing to production, packaging and certification.