SOME IMPORTANT ASPECTS OF PHARMACEUTICAL INDUSTRY IN INDIA

Abstract

Pharmaceutical industry contributes to the welfare of humanity and provides significant socioeconomic benefits to the society through creation of jobs, supply chains and community development. Indian Pharmaceutical industry is one of the world’s largest and most developed, ranking fourth in terms of volume and thirteenth in terms of value. The country accounts for an estimated 10% of global production and 2% of world markets in pharmaceuticals. The pharmaceutical industry is a key part of India's economy, contributing to the country's GDP, creating jobs, and earning foreign exchange. The pharmaceutical industry in India stands as one of the most significant sectors of the country’s economy. Known globally for its robust and high-quality production capabilities, India is a key player in the international pharmaceutical market. The nation’s pharmaceutical sector is characterized by a strong network of pharma manufacturers in India, who produce a wide range of pharma products. This industry not only meets domestic demand but also plays a crucial role in global healthcare by exporting medicines worldwide. This article delves into the importance of the pharmaceutical industry in India, highlighting its contributions to economic growth, healthcare, and global markets.