The foundation of the pharmaceutical industry in India began in the late 50s and early 60s. The main reason for the establishment and growth of this sector was to meet the challenges of local shortages and of course, bring down the cost price. At that time, a large percentage of medicines were exported from other countries to India, all mainly by multinational companies.
Once the connection of local pharmaceutical companies was established, it took over production of medicines and launched its domain in the international market by the late 80s and early 90s. As production flourished, by the late 2000s, more than 50 percent of the revenue was from the international markets for all these Indian companies.
Funding used to be limited
Of course in the late 1950s, funding used to be limited for these companies and it was not without a struggle. Furthermore, with limited resources and opportunities along with decreased technological capabilities, it was difficult. Due to this, the government decided to step in to support these Indian entrepreneurs and overcome these challenges. And it is due to this reason that the Indian pharmaceutical domain is today.
In a span of just a few decades, the Indian pharmaceutical company has grown considerably; from being a market with a low production base and heavily dependent on imports to now being on the biggest pharma domains in the world.
Now one of the largest
At present, India is now one of the largest providers of generic drugs and medicines, accounting for more than 20 percent of global export in volume. Another notable achievement, the US-based FDA (Food and Drug Administration) has its largest approved factories located in India. Furthermore, the number of drugs that have been approved by the USFDA to the Indian companies has doubled from the fiscal year 2014-2015 to the years 2015-2016.
Currently, due to the many numbers of SRA (Stringent Regulatory Authority) endorsed facilities in India, it is quite natural that the pharma companies are the center of attention of many authorities. And it is due to this reason that several companies are given warning letters. The main solution to this problem is to have regular inspections of international standards; this way any deficiencies can be addressed within the company, instead of it becoming an international incident.
Quality one of the biggest concerns
One goal yet to be achieved is product quality. The quality of Indian medicine is one of the biggest concerns for international clients and agencies. If effective quality control checks and analysis can be implemented for all domestic markets, this problem can be easily solved.
The pharmaceutical industry is one of the biggest paper-intensive industries in the world and of course, is responsible for the health and general well-being of the population. And it is due to this reason that it is also one of the most scrutinised industries across the globe.
But of course, with any success come challenges and delays, but the Indian pharmaceutical companies are well prepared and more than ready to increase their status in the global markets.