Credit: Sugandh Khandelwal
India’s journey in the healthcare sector is nothing short of remarkable. From being a country heavily reliant on imports and foreign expertise in the past, India has emerged as a global powerhouse in pharmaceuticals, medical research, and affordable healthcare delivery. On the occasion of the Indian Pharmaceutical Alliance (IPA) completing 25 years, Samir Mehta, Chairman of Torrent Group and President of IPA, authored a reflective article highlighting the remarkable growth of the Indian pharmaceutical industry and its future potential.He recently highlighted this transformative journey, emphasizing India’s growing role as the world’s healthcare custodian.
The Indian pharmaceutical industry is aiming to more than double its size to USD 120-130 billion by 2030 as it looks to ride on the back of innovation to become the healthcare custodian of the world, Indian Pharmaceutical Alliance (IPA) president and Torrent Group chairman Samir Mehta said. In the last 25 years, the Indian pharma industry has grown nearly 20 times – a market size of USD 58 billion from USD 3 billion in 1999-2000, contributing equally to domestic sales and exports today. The sector is among the top five contributors to India’s trade surplus, which has grown to USD 19.5 billion from merely USD 1 billion in 1999-2000.
A Beacon of Affordable Healthcare and way forward
India’s ability to deliver affordable and accessible healthcare has set it apart.With initiatives in universal health coverage, low-cost generic medicines, and an expanding network of world-class hospitals, the nation has become a lifeline for millions across the globe. “India’s expertise in producing high-quality medicines at affordable prices has made us a global pharmacy,” says Samir Mehta, underscoring the nation’s critical role in reducing healthcare costs worldwide.
This commitment to healthcare equity has not only improved outcomes domestically but has also made India a lifeline for developing nations. To sustain and enhance its position, India must focus on Investing in healthcare facilities, especially in rural areas, to ensure universal access. This could encourage research in medical technology and drug development to address emerging health challenges. Collaborations with global organizations, governments, and private entities can further position India as a key player in tackling global health crises and driving research advancements.
To sustain affordability and accessibility, increased investments in healthcare, both public and private, are imperative. Emphasizing preventive care, training healthcare professionals, and improving supply chain efficiency will ensure long-term growth. By pursuing these priorities, India can not only meet domestic health needs but also fulfill its vision of becoming a global beacon of equitable and sustainable healthcare solutions.
How did the COVID-19 pandemic highlight India’s potential as a global healthcare leader?
The COVID-19 pandemic served as a defining moment for India, showcasing its capacity to respond effectively to global health challenges. India quickly became a key player in the production and distribution of vaccines like Covaxin and Covishield, not only meeting domestic needs but also providing millions of doses to over 150 countries.
The nation’s ability to scale up medical supplies, manufacture essential drugs, and deploy a robust vaccination campaign highlighted its strengths in innovation, manufacturing, and global collaboration. From producing vaccines like Covaxin and Covishield to exporting medical supplies to over 150 countries, India demonstrated its capability to rise to global challenges India’s healthcare infrastructure, though under strain, adapted swiftly, positioning the country as a reliable global health partner during an unprecedented crisis. The pandemic underscored India’s potential to lead in the global healthcare arena through innovation, resilience, and affordability.
What role is India’s technological approach playing in the advancement of healthcare?
India’s technological approach is playing a pivotal role in revolutionizing the healthcare sector by driving innovations that improve accessibility, affordability, and quality of care. Key advancements include the development of telemedicine platforms, digital health records, and AI-driven diagnostic tools that are transforming how healthcare is delivered, especially in rural and underserved regions.
Additionally, initiatives like the Ayushman Bharat Digital Mission aim to integrate health services nationwide, enhancing efficiency and patient outcomes. India’s emphasis on healthcare technology is also empowering medical research, improving supply chain management, and ensuring greater reach for affordable treatment options, positioning the country as a global leader in health tech innovation.
Pharma Leadership in India’s Vision for a Healthier World
India accounts for approximately 20% of the world’s generic medicine exports, positioning itself as the largest supplier of affordable pharmaceuticals globally. This is driven by cost-effective production, adherence to international quality standards, and robust research and development. Indian companies manufacture high-quality generics that are trusted worldwide, particularly in markets like the U.S. and Europe. By providing affordable alternatives to branded drugs, India plays a critical role in making essential medications accessible, especially for chronic and life-threatening conditions.
The industry is at the forefront of innovation, with advancements in vaccines, biotechnology, and generic drug manufacturing, helping to tackle both common and complex diseases. Through initiatives like affordable drug access, international collaborations, and expanding health infrastructure, India is shaping a future where healthcare is more equitable, accessible, and sustainable for all. Despite challenges, India’s pharmaceutical sector continues to thrive, shaping a more equitable and sustainable global healthcare landscape.
