India can become the pharmacy of the world

In 1969, Indian pharmaceuticals had a 5 per cent share of the market in India, and global pharma had a 95 per cent share. By 2020, it was the reverse, with Indian pharma having an almost 85 per cent share and global, 15 per cent. Over the last 50-plus years — in terms of both meeting the domestic needs as well as building a leading position in the global pharmaceuticals landscape — Indian firms have been successful. India already contributes over 20 per cent by value to the global generics market, with Indian products contributing over 40 per cent (by volume) of US drugs.

There is a saying — why waste a good crisis? The Covid-19 crisis provides an opportunity to the Indian pharmaceutical industry to play an even more important role in global healthcare. There is a potential opportunity for India to truly play the role of ‘pharmacy of the world’/ How can the pharmaceuticals industry in India use the opportunity to leapfrog into the future using the impetus provided by Covid-19?