The Indian pharmaceutical industry, widely known for generic medicines and low-cost vaccines, has evolved as a vibrant industry sector. In terms of volume of production, the Indian pharmaceutical industry is ranked third in the world behind China, and Italy and 14th largest in terms of value.
Supplying 20 per cent of the global supply of generic medicines, the Indian pharmaceutical industry of India is significant in the global pharmaceutical sphere. India has 8 out of 20 global generic companies in the world providing generic medicines to more than 200 countries. Also, the Indian pharmaceutical industry sources 65-70 per cent of World Health Organisation’s (WHO’s) vaccine requirements.
The Indian medicines are preferred worldwide, and India is justifiably called the “pharmacy of the world” because of competitive pricing and high quality. The Pharma sector currently contributes to around 1.72 per cent of the country’s GDP.