[ad_1]
New Delhi [India], April 6 (ANI): India has seen extraordinary growth in the pharmaceutical industry, growing from zero to 13% of the global market share. According to Asia Brief, this impressive growth is the result of a combination of sound legislative and economic environments, timely actions and, to a greater extent, the welfare of the masses.
India’s pharmaceutical industry has undergone massive expansion over the past few years. It is expected to reach around 13% of the global pharmaceutical market size while increasing its quality, affordability and innovation.
Read also | King Charles III backs a review of slavery ties to the British royal family’s history.
With its “Pharmacy of the World” label, India is a global supplier of generic medicines to more than 200 countries in both developed and emerging markets.
Additionally, India recently became the world’s largest vaccine producer, accounting for 60% of the world’s vaccine supply, according to Asian Lite.
According to a McKinsey report, the high volume of local production of branded generics and lower price levels presents a unique opportunity for the Indian pharmaceutical industry.
The kind of growth the pharmaceutical industry has seen in India, from a non-existent pharmacy to a global pharmacy, is certainly extraordinary. According to Asia Lite, this impressive growth is the result of a combination of sound legislative and economic environments, timely actions and, to a greater extent, motivation for the benefit of the general public.
It all started with the introduction of the Patents Act in 1970, which resulted in process patents rather than product patents. This means that patent applications focus on manufacturing rather than product patents. It supports Indian pharmaceutical companies in three main ways.
First, manufacturers who make drugs do not pay exorbitant royalties to patent holders.
Second, it made India less dependent on drug imports and developed a self-reliant Indian pharmaceutical industry.
Third, India’s pharmaceutical industry is thriving by developing affordable patent medicines and gradually moving to the global market as a supplier of generic drugs, Asian Lite reports.
However, after the establishment of the WTO, India signed the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement, which changed its patent norms. India subsequently made some changes to its patent laws, as the agreement required patents for pharmaceutical and process inventions. Despite the paradigm shift, India at the time had made remarkable strides in its drug supply.
Cut to 2020, and as the world grapples with the Covid-19 crisis, Indian pharmaceutical companies see an unprecedented window of opportunity. Combining the expansion of the RD ecosystem with favorable policies, India has become a major vaccine supplier in the world, ensuring self-reliance in vaccine supply.
India has provided free vaccine doses to its citizens to the tune of DM 1 billion. In addition to securing the role of a key international player, India has also provided COVID-19-related medical assistance to more than 150 countries, Asian Lite reported.
Sticking to its Vasudhaiva Kutumbhakam motto, India launched the Vaccine Maitri program in January 2021, delivering 72.3 million doses of COVID vaccine to more than 94 countries by the end of 2021.
In addition to the effectiveness of the vaccine, many countries also prefer Indian vaccines because of the low cost of vaccine development in India and the ability to conduct large-scale export consignments. This has particular implications for low-income countries that cannot compete with rich countries for vaccine procurement1 during the crisis.
More than any other country, Indian pharmaceutical companies have learned to respond to crises by rapidly producing large-scale medicines in a short period of time, according to an expert.
It is worth noting that India’s pharmaceutical boom is not sporadic. It also continues to experience sustained and strong growth in the post-pandemic period. By the end of 2022, the Indian pharmaceutical industry has transformed from a volume creator to a value creator.
According to one expert, with the increased awareness of collaboration between industry and government, the industry’s focus has shifted to other diseases, advances in cell therapy, and policies on intellectual property and government procurement. In September 2022, cumulative FDI in the pharmaceutical industry exceeded USD 20 billion.
India is the largest supplier of vaccines, with the Serum Institute of India producing 1.5 billion polio, diphtheria, measles, mumps and rubella vaccines a year for immunization programs in 170 countries, according to Asian Lite.
Recently, the Indian government expanded its support to pharmaceutical companies using the Production-Linked Incentive (PLI) scheme to ensure self-reliance by increasing domestic manufacturing capacity for high-value products.
PLI is planned for API and drug manufacturing, with a combined spending of approximately $2.7 billion. Another important aspect of the Indian pharmaceutical industry is the use of its legislative provisions to emphasize the welfare of the general public.
Recently, the Indian Patent Office has rejected Johnson & Johnson’s request to extend the patent of the tuberculosis drug on various grounds. This rejection is important in two ways.
First, because the patent has expired, Indian manufacturers can produce a generic version of the anti-TB drug. Second, it could provide cheaper versions of the drug, thereby strengthening India’s fight against TB.
India’s public interest-oriented stance on drug patenting is at a crossroads with big pharmaceutical companies in the West, especially the US. These companies sought to repeal aspects of Indian patent law in the 1970s that they found prevented them from establishing monopolies and rent-seeking practices.
While US pharmaceutical companies objected to Form 27 of the 1970 IPA, which required details of patents operating in India, experts9 argued that information on patent operations was crucial to inquiring whether the Act was successful in promoting innovation as public health.
In practice, India has greatly annoyed Big Pharma by refusing to grant secondary and evergreen patents on minor modifications of existing medicines, new uses of existing medicines, and combinations of existing substances10. Big Pharma routinely projects their monopoly interests into acceptable international IP norms and continues to pressure the US government to take action against India11.
According to Northeastern University Professor Brook Baker12, Indian patent law focuses on balancing the interests of producers and consumers. He has often called on big US pharmaceutical companies to lobby India through “disinformation campaigns”, accusing India of discriminating against US companies.
Contrary to the propaganda, according to Professor Baker, India’s patent policy is in line with domestic legislation and international norms stipulated by TRIPS, Asian Lite reported.
Interestingly, India’s pharmaceutical industry operates on a self-sufficiency model, ensuring that the supply and demand of medicines are met. To sum up, India is keen to promote the production of generic drugs.
Now, to ensure that this supply can meet the demand for generic drugs, the Indian government has started PM Bhartiya Janaushadhi Pariyojana (PMBJP), where Janaudhadi kendras (shops) sell generic drugs to the masses at affordable prices. By the end of 2022, there will be more than 8,500 Kendras in operation across the country.
According to Asian Lite, in addition to reducing people’s out-of-pocket expenses, these kendras or pharmacies also help to raise awareness about generic drugs, thereby expanding the market for generic drug manufacturers and providing employment opportunities for entrepreneurs who operate kendras.
With a current valuation of US$50 billion, favorable government policies and robust R&D expansion in the pharmaceutical industry are expected to lead to resilient growth not only in volume but also in value.
Both the government and the pharmaceutical industry are committed to ensuring the high availability of quality medicines at affordable prices, which presents an opportunity for India to play a leading role in the global market with a special focus on the well-being of the masses. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
share now
[ad_2]
Source link