India's pharmaceutical industry, often hailed as the "pharmacy of the world," has established itself as a global powerhouse in drug manufacturing and export. However, the success of this sector hinges not only on production capabilities but also on the intricate web of logistics that ensures medicines reach patients safely and efficiently. As India continues to expand its role in the global pharmaceutical market, the importance of a robust, reliable, and innovative logistics infrastructure cannot be overstated.
THE GROWING IMPORTANCE OF PHARMA LOGISTICS
The Indian pharmaceutical industry is experiencing remarkable growth with significant implications for the logistics sector. According to Statista, revenue from the domestic pharmaceutical market is set to reach $13.16 billion in 2024. This growth is driven by factors such as increasing healthcare awareness, rising incomes, expanding healthcare infrastructure, and government initiatives to improve healthcare access. The same source projected that India's pharmaceutical market size will reach an impressive $450 billion by 2047.
The industry's global footprint is equally impressive. India is one of the biggest global suppliers of low-cost vaccines, producing 60% of the world's supply. According to a report by the Government of India, the country is also the largest provider of generic medicines globally, occupying a 20% share in the global supply by volume. The industry manufactures about 60,000 different generic brands across 60 therapeutic categories.
This growth is reflected in export figures as well. Data from the Ministry of Commerce shows that India's pharmaceutical exports surged by 9.67% to $27.9 billion in 2023-24, despite a 3% dip in total exports. India exports pharmaceuticals to over 200 countries, meeting over 50% of Africa's demand for generics, nearly 40% of the generic demand in the US, and approximately 25% of all medicines in the UK.
This story is from the November 2024 edition of Healthcare Radius.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2024 edition of Healthcare Radius.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
KIMSHEALTH launches electrophysiology lab with 3D mapping
'ENSITE X' is the first of its kind in Kerala and the third in India enabling precise identification, mapping, and targeting the abnormal electrical activities in the heart.
Molbio boosts Goa's healthcare system with CSR initiatives
The company has donated four state-of-the-art Advanced Life Support (ALS) ambulances and two hearse vans for National Highway emergencies
USV introduces affordable heart failure medication
This cost-effective option addresses the rising cases of heart failure in India, offering lifesaving care to millions of patients who need it the most.
City Imaging & Clinical Labs to expand services to 50 hospitals
The company is currently associated with 10 hospitals, providing comprehensive lab management services, including 24/7 in-house phlebotomy and lab testing.
Oncare raises $1 million in seed funding, to set up 10 units
Oncare has raised $1 million in a seed funding round led by Huddle Ventures. It plans to deploy the raised capital to expand its operations to 10 new centers.
Nutrabay forays into Ayurvedic supplements market with Shilajit
Nutrabay's aims at gaining market share from the existing ayurveda supplements market with a distinctive product proposition and education about the benefits of Shilajit.
INDIA'S PREPAREDNESS ON HEALTHCARE-ASSOCIATED INFECTIONS: A GROWING FOCUS ON PATIENT SAFETY
The country's diverse healthcare landscape necessitates a flexible and multifaceted approach to infection control that can be adapted to various settings and resource levels.
TRANSFORMING CARDIAC SURGERY: HOW AI IS REVOLUTIONIZING PATIENT CARE AND OUTCOMES
Dr. Swarup Swaraj Pal shared his insights on the current state and future prospects of AI in cardiac procedures.
BEYOND THE LAB: THE CRITICAL ROLE OF LOGISTICS IN INDIA'S PHARMACEUTICAL INDUSTRY
As India continues to expand its role in the global pharmaceutical market, the importance of a robust, reliable, and innovative logistics infrastructure cannot be overstated.
LIFESTYLE DISEASES IN CHILDREN: A WAKE-UP CALL FOR A HEALTHIER GENERATION
In today's fast-paced world, children face an unexpected enemy: lifestyle diseases. Conditions like obesity, Type 2 diabetes, and hypertension are now affecting our youth. What's causing this shift, and how can we combat it?
