What is pharmaceuticals?
What is a pharmaceutical?
The pharmaceutical industry is responsible for the research, development, manufacturing, and distribution of drugs and pharmaceuticals used to treat, prevent, or alleviate disease in humans. Pharmacies can sell both off-patent and patented drugs and medical equipment. The marketing, development, safety, and effectiveness of pharmaceuticals are all governed by a complex web of laws and regulations. In 2020, the global pharmaceuticals market generated $1,228.45 billion in revenue from the sale of pharmaceutical products, representing a CAGR (compound annual growth rate) of 1.8%.
To the average person, the pharmaceutical industry may not seem like an industry at all, but it is anything but ordinary due to a number of unique features. And yet, despite the industry’s undeniable track record of improving people’s lives and reducing suffering over the course of a century, it consistently ranks near the bottom of public trust rankings, often being compared unfavourably to the nuclear industry.
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It’s widely believed to be extremely lucrative, despite being widely acknowledged as one of the riskiest industries in which to invest. Even though the big pharmaceutical firms justifiably portray themselves as research-based organisations, the general public tends to believe that they spend more money on marketing than they do on actual scientific inquiry. 1,2 Many people still hold the view that all human needs should be met through the development of pharmaceuticals, and that once these drugs are available to the public, they should be distributed on the basis of need, regardless of whether or not they can afford to pay for them.
This introductory chapter makes an effort to explain the industry’s inner workings and some of its apparent contradictions. The goal is to provide context for the industry so that the difficulties of the pharmaceuticals-in-the-environment issue can be appreciated.
Keep in mind that the terms “drug,” “medicine,” and “pharmaceutical” are frequently used interchangeably, and that the term “drug” can refer to either a legal or illegal substance. In this chapter, we will refer to the consumable goods produced by the pharmaceutical industry as pharmaceuticals. For pharmaceuticals still in the research and development phase, the term “drug” is the most common way of referring to the product.
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MARKET SIZE
The domestic market is projected to grow threefold over the next decade, as reported by the Indian Economic Survey 2021. The Indian pharmaceutical market is projected to grow from US$ 42 billion in 2021 to US$ 65 billion in 2024 and then to US$ 120–130 billion by 2030.
Biopharmaceuticals, bio services, bio agriculture, bioindustry, and bioinformatics are all part of India’s thriving biotechnology sector. Valued at US$ 70,2 billion in 2020, India’s biotech sector is projected to grow to US$ 150 billion by 2025.
The medical equipment market in India was worth US$10.36 billion in FY20. From 2020 to 2025, the market is projected to grow at a CAGR of 37.1%, reaching $50 billion.
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Pharmaceutical Industry in India
It is projected by CARE Ratings that by August 2021, the pharmaceutical market in India will be worth over US$60 billion, an increase of 11% annually over the next two years.
India has become a major player in the international pharmaceutical industry. Twenty percent of the world’s supply of generic medications comes from India, and the country also meets roughly sixty percent of the world’s demand for vaccines. The pharmaceutical industry in India is worth US$ 42 billion, making it the world’s third largest by volume and the thirteenth largest by value.
Pharmaceutical sales in India increased by 17.7 percent annually in August 2021, up from 13.7 percent in July 2020. Revenue in the Indian pharmaceutical market is forecast to increase by more than 12 percent year over year by FY22, according to India Ratings & Research.
EXPORTS
In FY21, India made US$ 24.44 billion from the export of pharmaceuticals, and in FY22, that number dropped to US$ 22.21 billion (until February 2022). India is the world’s twelfth largest provider of exported medical supplies. The pharmaceutical industry accounts for 6.6% of total exports from the country. As of May 2021, India had distributed 586.4 lakh COVID-19 vaccines to 71 countries via grants (81.3 lakh), commercial exports (339.7 lakh), and the COVAX platform (165.5 lakh). Over 200 countries around the world receive Indian pharmaceuticals, but the United States is the largest consumer. The country’s generic drug exports constitute 20% of the global total, making it the world’s leading supplier of generic medicines. The total value of India’s exports of pharmaceuticals and other drugs in April–May 2021 was $3.76 billion. Between April 2000 and December 2021, the Indian pharmaceuticals and drugs industry received a total of US$19.19 billion in foreign direct investments (FDIs). Between April and December of 2021, FDI inflows in India’s pharmaceuticals and medical equipment sector totaled $1.206 billion. In FY21, North America accounted for 34% of all of India’s pharmaceutical exports, and the exports to the United States, Canada, and Mexico grew by 12.6%, 30%, and 21.4%, respectively.
Road Ahead
It is expected that India will join the top 10 countries in terms of medicine spending over the next five years, with growth of 9–12 percent over that time period.
The ability of companies to realign their product portfolio toward chronic therapies for diseases like cardiovascular, anti-diabetes, anti-depressants, and anti-cancers will be critical to future domestic sales growth.
India’s central government has instituted a number of reforms that have helped lower healthcare costs. The Indian pharmaceutical industry stands to gain from a continued emphasis on the rapid introduction of generic drugs into the market. The pharmaceutical industry can take heart from the current push toward preventative medicine, life-saving medications, and health initiatives in underserved areas.
Important Information:
Conference Name: 11th Global Pharma Conference and Expo
Short Name: PPNUCG2022
Dates: December 21–22, 2022
Venue: Dubai, UAE
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Reference pharmaceutical UCGconferences press releases and blogs
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https://www.linkedin.com/pulse/access-live-presentation-11th-global-pharma-conference-raven/
https://kikoxp.com/posts/12735
https://luciferellis.blogspot.com/2022/06/access-live-presentation-at-11th-global.html