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From the desk of Dr. R. B. Smarta- CMD Interlink
MAXIMIZING INDIAN API OPPORTUNITIES
Corona virus disaster has turned out to be an eye-opening situation because of which many powerful nations have suffered and are still suffering. Number of small and big businesses are facing adverse impacts and Pharma industry is not an exception. China is the source of 40% of the global APIs & dominating 68.3% of chemical API market worldwide. In 2018, APIs exported from China accounted for 81% ($30 billion over $37 billion) of total value of exported Chinese pharmaceutical products. Indian pharmaceutical industry despite being a global market leader at generic drug formulations, largely depends on imported APIs from China. APIs which are used to manufacture at least 12 essential drugs such as paracetamol, ranitidine, ciprofloxacin, metformin, acetylsalicylic acid, ofloxacin, metronidazole, ampicillin, amoxicillin, ascorbic acid and some fermentation-based intermediates for which India solely depends on china.
Four Changing Paradigms of Healthcare
2020, known as the year of uncertainties, was a rollercoaster for the healthcare industry as it was forced to adapt a number of new approaches which may turn out to be blessings in disguise. The sector is evolving at a greater pace and trying to future-proof itself to the extent possible.
The focus has drastically shifted towards advance research in medicines and vaccines to fight the ongoing pandemic. Moreover, the synergy between herbal and conventional medicines is now a trending practice.
In addition to this, the approaches are patient-centric as personalisation of healthcare is on the rise. So, looking at the fruitful transition in actions, better healthcare can be expected in coming years even in the developing countries like India.
Generic Drugs and The Pathway to Future
Generic drug market, one of the positively impacted markets during pandemic had witnessed over $ 4911.6 billion of revenue in 2020 and expected to account for about $650.3 billion by 2025 with the CAGR of 9.6%.
One of the greatest reasons behind this astonishing growth would be increased healthcare expenditure during the pandemic and collapsing economies. Due to rising unemployment during the period of shutdown, governments of various nations employed several strategic initiatives in order to fulfil the ever-growing demand of cheaper substituents of pharma drug. And one of those initiatives was ensuring the availability of low-cost generics to the population.
Moreover, factors like patent expiration of blockbuster drugs, increasing incidences of lifestyle diseases including acute and chronic conditions and rise in geriatric population are also positively propelling the generics market.