As per Economic Survey 2022–23, the domestic pharmaceutical market would reach $130 billion by 2030

pharmaceutical market,covid-19,indian domestic market

According to the Economic Survey 2022–23, India’s domestic pharmaceutical market is anticipated to reach USD 130 billion by 2030, and the pharma sector has maintained its growing momentum following the pandemic.

According to the survey presented to Parliament on Tuesday, the country’s domestic pharmaceutical exports saw a strong growth of 24 percent in FY21, driven by COVID-19-induced demand for crucial medications and other supplies shipped to more than 150 nations.

It added that India is ranked third globally in the manufacture of pharmaceutical products by volume and fourteenth by value, stating that “The Indian Pharmaceutical industry plays a key role in the global pharmaceutical sector.” According to the report, the country holds a 20% portion of the volume of the global supply of generic drugs as well as a 60% market share as the world’s top maker of vaccines.

The domestic pharmaceutical market in India is projected to be worth USD 41 billion in 2021, expand to USD 65 billion by 2024, and then reach USD 130 billion by 2030, according to the report.

In terms of exports, the pre-Budget statement claimed that demand for essential medications and other supplies exported to more than 150 nations caused by COVID-19 resulted in a robust growth of 24 percent for Indian pharmaceutical exports in FY21.

“Pharmaceutical exports have performed well in FY22, maintaining growth despite the disruptions to global commerce and the decline in demand for COVID-19-related therapies. Maintaining this momentum for growth, medication and pharmaceutical exports from April to October 2022 were 22% greater than they were during the comparable pre-pandemic period of FY20, it said.

Additionally, the sector has seen an increase in international investment.

In September 2022, cumulative FDI in the pharmaceutical industry exceeded USD 20 billion. Additionally, the poll noted that FDI inflows had surged four-fold over the course of five years, reaching USD 699 million, thanks to investor-friendly regulations and a favorable outlook for the sector.

According to the survey, controls on pharmaceutical pricing have been maintained by the National Pharmaceuticals Pricing Policy, 2012—administered by the Department of Pharmaceuticals—principles for the management of drug price regulation.

The National Pharmaceuticals Pricing Authority has set ceiling pricing for 890 formulations of 358 medications spanning several therapeutic categories that are included on the National List of Essential Medicines (NLEM), 2015, through December 31, 2022, according to the statement.

It continued by stating that the amended Schedule I of Drugs (Prices Control) Order (DPCO) and NLEM 2022 were both published by the Ministry of Health and Family Welfare in September 2022 and November 11, 2022, respectively.

Up until December 31, 2022, the ceiling pricing for 119 formulas covered by NLEM 2022 have been set. Retail pricing for 2,196 formulas have also been set by the DPCO of 2013, it was said.

Under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), quality generic medications at reasonable prices are now accessible at specialized stores called Janaushadhi Kendras.

“Up till December 31, 2022, more over 9,000 PMBJKs had been established nationwide under the PMBJP. Currently, the PMBJP has 280 surgical instruments and 1759 drugs available for purchase “the poll found.

According to the Economic Survey 2022–23, India’s domestic pharmaceutical market is anticipated to reach USD 130 billion by 2030, and the pharma sector has maintained its growing momentum following the pandemic.

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