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Pharmaceutical Industry - The Fore Runner
The Indian Pharmaceutical Industry has been endorsed as
a champion and leader for its contribution of ensuring
essential drugs at affordable prices and generating
millions of jobs. At the same time there is a
proliferation of branded medicines and small scale
pharmaceutical industries following Indian Patents Act
1970, which liberalized the law of product patent in to
process patent. There are 70000 branded medicines and
20000 Small Scale Pharmaceutical Industries registered
in the country, following WTO regulations. Once again
India introduced product patent and liberalized 100%
foreign direct investment, opening the floodgates for
harnessing the growth of pharmaceutical industries.
It is well known that population of India exceeds 1.1
billion and out of every seven people of the world, one
will be an Indian. India spends around 6.1% of its Gross
Domestic Product (GDP) on health expenditure. The life
expectancy is around 64.35 years with an infant
mortality rate at 56.29 1 deaths per 1000 live births.
Although significant progress has been made in reducing
poverty rates and improving infant mortality and life
expectancy, the rate of growth in population seems to be
a major blockade and acting negatively, depriving large
sections of the population of health care. The other
reasons for this paradox can be related to changes in
social sector associated with growth in population and
transition in epidemiology of disease.
Turnover of Indian Pharmaceutical Industry has grown at
the rate roughly about 10% on the base value of 10
crores in 1948, to Rs.75000 crores. The industry
comprises of 25% bulk industry and 75% formulations. Net
export, which is about 65% of production, crosses
Rs.33000 crores. There are more than 150 manufacturers
with approval by US FDA, UK MCA, Australia and South
Africa, where, many are in possession of WHO-GMP
certificates.
India is ranked 4th largest, in terms of production
volume after US, Japan and Europe, and 13th in terms of
value. As far as the consumption of medicine is
concerned, India ranks 2nd. India accounts approximately
for 8% of world drug production. Indian Pharmaceutical
Industry employs over 4.2 million personnel, both in
manufacturing and ancillary sectors.
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