Pharmaceutical Revolution In India

There are more than 250 large and 8000 small manufacturing units involved in production of pharmaceutical medicines. These units produce the complete range of pharmaceutical formulations, i.e., medicines ready for consumption by patients and about 350 bulk drugs, i.e., chemicals having therapeutic value and used for production of pharmaceutical formulations.

Following the de-licensing of the pharmaceutical industry, industrial licensing for most of the drugs and pharmaceutical products has been discontinued. Manufacturers are free to produce any drug duly approved by the Drug Control Authority. Technologically strong and totally self-reliant, the pharmaceutical industry in India has low costs of production, low R&D costs, innovative scientific manpower, strength of national laboratories and an increasing balance of trade. These are the main positive factors governing industry and its growth. The Pharmaceutical Industry, with its rich scientific talents and research capabilities, supported by Intellectual Property Protection regime is well set to take on the international market. Indian pharmacy industry has established a leading place in international market among all developing nations.

India's US$ 3.1 billion pharmaceutical industry is growing at the rate of 14 percent per year. It is one of the largest and most advanced among the developing countries.

Over 20,000 registered pharmaceutical manufacturers exist in the country. The domestic pharmaceuticals industry output is expected to exceed Rs260 billion in the financial year 2002, which accounts for merely 1.3% of the global pharmaceutical sector. Of this, bulk drugs will account for Rs 54 billion (21%) and formulations, the remaining 210 billion rupees (79%). In financial year 2001, imports were 20 billion rupees while exports were Rs87 bn.

These figures are not mere statistical jargon or numbers only; but they have a great impact on Indian economy. In India herbal/aurvedic drugs also share a considerably big chunk in the medicine manufacturing. Due to recent craze for Yoga and herbal medicines this segment of industry has made an impact in export industry.