Citation :

C. S. Padmavat, R. S. Jahagirdar, Deepmala Biradar, Vinod B Shikhare, 2023. "Opportunities in the Indian Pharmaceutical Sector: Post COVID-19" ESP International Journal of Science, Humanities & Management Studies(ESP-IJSHMS)  Volume 1, Issue 1: 18-23.

Abstract :

The COVID-19 epidemic's unnoticed effects on the pharmaceutical industry and the healthcare industry as a whole have had a significant impact on consumer conditions and preferences, as well as macroeconomic, structural, and microeconomic changes in the entire value chain. The pharmaceutical industry has reacted deftly to the epidemic and the altered global environment, from the sequencing of the new nimbus contagion to the administration of vaccines to the first philanthropist in the United Kingdom within a short period of time, with efficacy situations exceeding 90, exceeding all expectations of governments and requests worldwide. Due to the most exceptional global efforts collaboration, including re-deployment of funds and real-time data sharing, this idea was made possible. India must reevaluate its current position in the global pharmaceutical industry, look into ways to solidify and strengthen it in light of geopolitical and financial changes, and achieve tone-adequacy as an encyclopedically competitive pharmaceutical industry with innovation as a guiding principle for future growth. The goal for the present decade is discussed in this article with industry stagers from various sectors, with contributions from the government, controllers, and material assiduity organisations. The sector has seen crippling constraints and obstacles that make it difficult to operate and distribute medicines to people in India and around the world. Pharma assiduity outperformed expectations in addressing this global extreme by providing medications to over 150 countries in addition to satisfying all home demands. We must focus on the upcoming set of avenues to fuel the growth machine of this industry in order to reach tone-adequacy and become the true drugstore of the globe, which is both strategically and financially significant.

References :

[1] Draft Policy KPMG - Department of Pharmaceuticals; accessed on 7thMarch 2022

[2] “India supplied paracetamol, hydroxychloroquine to over 120 countries in last 2 months: Piyush Goyal”, The Economic Times, May 2020; accessed on 6thApril 2022.

[3] “About us”, Serum Institute of India Pvt. Ltd.; accessed on 6thApril 2022

[4] “IBEF” website. Accessed on 6thApril 2022

[5] “Indian pharma exports grow at 18% to $24.44 billion in FY 21 from $20.58 bn”, Business Standard, April 2021; accessed on 6thMarch 2022

[6] KPMG in India analysis 2022

[7] “Exports”, Ministry of Commerce and Industry, Government of India; accessed on 6thApril 2022

[8] “AiMed reports increased growth rate of Indian medical device industry during Covid-19”, Medical Dialogues. November 2021; accessed on 26thApril 2022

[9] “Essential-medicines-supply-chains-press-scan-India-manufacturing”- CGDEV.com, accessed on 16thMarch 20222

[10] “Key COVID-19 drugs to be hit by customers”- Times of India, accessed on 9thMarch 2022

[11] “Indian API industry reaching the full potential Thought Leadership”, KPMG in India, accessed on 9thMarch 2022

[12] “Coronavirus-impact-on-India’s-pharma sector”- Economic times, accessed on 9thMarch 2022

[13] “Annual Report 2020-21”- Department of Pharmaceuticals, Government of India, accessed on 14thMarch 2022

[14] “COVID-19: Implications on Regional Industry and Economy”- FICCI, April 2020, accessed on 15thMarch 2022

[15] “12-employees-test-positive-for-covid-at-lupins-ankleshwar- facility”- The Hindu Business Line, accessed on 15thMarch 2022

[16] “Explained: What is a bulk drug park, and why does Himachal want one?”, The Indian Express, November 2020; accessed on 24th March 2022

[17] "Guidelines for the Scheme - Strengthening of Pharmaceuticals Industry (SPI)”- Pharmaceuticals.gov; accessed on 20th April 2022

[18] “Ancillary firms look to tap USD6 billion vaccine business”- Ministry of External Affairs, accessed on 6th April 2022

[19] “Economic survey FDI in pharma gets pandemic boost up 200 in FY21”, accessed on 6th April 2022

Keywords :

Opportunities, Pharmaceutical, Supply Chain, Human Resource, Production.