The Pharmaceuticals industry in India contributed $36.7 billion in 2016 for the growth of healthcare sector. Being the largest provider of generic drugs globally, which accounts for 20 per cent of global exports in terms of volume, India is rightly called the ‘Pharmacy to the World’.
India is also a leader in formulations business with several Indian pharma majors setting shops in markets like US and Europe to smoothen their operations in those countries to tackle the regulatory challenges posed by USFDA inspections in their Indian units.
However addressing issues like promoting R&D, innovation and discoveries in technologies and molecules and ensuring data integrity is the need of the hour. While there are pragmatic schemes and policy interventions, academia-industry partnership to undertake joint research, or commercializing the technologies have to move in value chain.
