Jindal Medical Store

India's pharma sector has seen a resurgence in recent years, with exports hitting Rs 1.83 lakh crore in 2021-22. The sector has been growing steadily and is expected to continue doing so in the coming years. India's pharmaceutical industry is the third-largest in the world in terms of volume and tenth largest in terms of value. Its role in the economy and the GDP of the country is significant. The pharma industry contributes 2% of India's GDP and employs around 4 million people.   The Indian pharma industry is expected to grow at a CAGR of 37% to reach USD 50 billion by 2025. The country has a large number of FDA-approved generic drug manufacturing facilities and is one of the world's leading suppliers of generic drugs.   Initiatives By Government To Boost Pharma Sector The Government of India has played a pivotal role in the development of the country's pharmaceutical industry. It has taken several initiatives to boost the sector, which include:   ●    

The commerce ministry announced on Sunday that pharmaceutical exports reached Rs 1,83,422 crore in 2021-22, up from Rs 90,415 crore in 2013-14. Despite global trade interruptions and a reduction in demand for COVID-related drugs, exports in 2021-22 grew at a healthy rate, according to the report. "India is noted for producing 60percent of the world's major vaccinations and 20percent of generic pharmaceuticals." The government claimed, "Indian pharma businesses have established a worldwide imprint, enabled by their competitiveness and high quality." In terms of volume, India is third, while in terms of value, it is fourteenth. The local pharmaceutical sector is currently worth roughly USD 50 billion. Pharmaceuticals and medications account for 5.92 percent of all worldwide exports. According to the ministry, formulation and biological agents continue to make up the bulk of the country's overall exports, accounting for 73.31 percent, followed by bulk medicine

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