COVID-19 and its resultant lockdown affected all the major industries and disturbed the whole-wide economy. But these clouds of doom brought a silver lining to the pharma industry globally. The pandemic played a hand in altering people’s perception of pharmaceutical research. As a result, the public acknowledged the significance of researching novel therapeutic modalities, conducting clinical studies, and developing specialized skills to navigate the drug research and development process.
The Indian pharma industry has grown tremendously in recent years. The sector in India is currently valued at $50 billion and is expected to reach $65 billion by 2024 and $120 billion by 2030. The Pharma industry contributes to around 1.72% of the country’s GDP. It is now the world’s third-largest producer of pharmaceuticals, producing more than 20% of the world’s generic drugs. This growth has been driven by a combination of factors, including India’s large and growing population, strong research and development capabilities, and favorable government policies.
Many drug companies like Umang Vohra-led Cipla, Dr. Reddy’s headed by G V Prasad, Emcure led by Satish Mehta, and Parmjit Arora-led Health Biotech Limited also contributed to helping the sector reach its potential. Health Biotech, in particular, demonstrated what could be achieved by R&D in their drugs, integrating technologies like Lyophilization, 3D printing, and Health sensors. Paramjit Arora’s Health Biotech emerged as one of the key leaders of the Indian Pharmaceutical industry during the pandemic, with an extensive focus on drug formulations to manufacture the finest range of life-saving drugs. Speedy manufacturing of Health Biotech’s Remdesivir was of great help during COVID-19.
Health Biotech’s director Parmjit Arora says that has always strived for the company to be care-focused and research-driven and has ensured that the company complies with the highest ethical standard in clinical research and medical practice. “Health Biotech is highly valued for its products and the way we conduct our research and business activities”.
Health Biotech has established itself as an organized player, given its superior quality of services, strong infrastructure and certification, and brand image. The company has a robust portfolio of anti-viral, cardiovascular, anti-helminthic, and anti-allergic medicines, among many others.
With India taking over the G20 presidency in 2022, the Indian pharma industry has an opportunity to make its mark on the global stage. The Pharma industry is opening up to new-age automation technologies. Digital interventions such as robotics and cognitive agents can help to weed out inefficiencies and reduce costs.
The Indian industry, known for its cost-effective drugs, which are exported to more than 200 countries worldwide, has reported a surge in investments and collaborations between health biotech and pharma companies in India. This has led to advancements in drug discovery, the development of new therapies, and the growth of biopharmaceutical manufacturing capabilities.
The Indian pharmaceutical industry, in addition to providing quality drugs at affordable prices, also provides employment opportunities for thousands of people across India. The industry is expected to continue its growth trajectory in the coming years as more innovative products are developed, and new markets are explored.