The pharmaceutical industry is by far one of the fastest-growing industries across the world. In the case of India, the pharma industry contributes over 6% to the Indian GDP. India also stands as the largest supplier of generic drugs across the globe. It supplies more than 50% of vaccines, generic medicines, and all other medicines. Such large production requires equivalent equipment. Therefore, pharma equipment manufacturers have a lot of scope in India.
A pharma manufacturer in India has a lot of scope for development and expansion. The pharmaceutical industry in India is currently worth $100 billion. This number is expected to increase by greater numbers in the next 5 years. The medical devices alone account for $25 billion worth.
In this article, we will discuss the growth of the pharma industry and the scope of the pharma manufacturer in India.
What led to the Growth of Pharma Equipment Manufacturers in India?
- The Indian Patents Act, 1970
The Indian Patents Act of 1970 was the patent act of independent India. It sought a revolutionary method of issues only process patent rather than product end patent. It also posed for a shorter period of patent protection. These stringent provisions of the Act paved a bright future for the pharma industry to flourish in India.
- The Drug Policy Act, 1978
The Drug Policy Act of 1978 combined with the Price Control Act of 1979 were landmark reforms in the history of the growth of pharma industries in India. Both the Acts gave room to increased production of bulk drugs locally. It also put restrictions on the import of bulk drugs. The Act set a mark for the use of technology to manufacture bulk drug. With so many steps taken, major investment was made by the Indian companies on the pharmaceutical equipment. This started the Golden phase for the Indian pharma industry.
- Economic Reform in India, 1991
A step that was a game-changer for the entire Indian economy, it greatly benefitted the pharma industry. The already flourishing domestic pharma industry in India could now launch foreign projects using Liberalization and Globalization. There was a flow of foreign investments too. The trade and export of drugs and equipment increased by a large number after this move.
Future of the Pharma Industry in India
The pharma industry has a great future and scope of growth in India. As estimated of 9-10% increase would be there in the spending on medicine. Further, the increase in local production of medicines and pharma equipment is surely paving a new way. The Indian government is doing its bit to cut the production cost of this equipment but not on quality. Foreign economic trade is flourishing. All this points towards the shining future of the pharma industry in India.
Conclusion
The pharma industry in India is to stay. With all the potential India has and the steps taken, the pharma industry all together has a future as bright as the stars.