The covid-19 pandemic has impacted everyone including the Pharmaceuticals industry in the world. The pandemic has changed our lives and defined the new meaning of the word ‘normal’. Not leaving the house without a mask to social distancing has changed the way we behave and live.
Many organizations all around the globe have been facing issues and losses, either small or big. There has been a shortage of supplies worldwide, and many people have gone unemployed because the business is not generating any profit.
There are tons of entrepreneurs who are struggling day and night to keep their businesses alive.
While many industries are facing huge losses, some industries have shown incredible growth. One primary industry has taken all the limelight amidst all the chaos, and it is the pharmaceutical industry.
Be it in terms of innovation from all the pharmaceutical researchers worldwide or just an immense stagnant growth in the stock market; you name it, the pharmaceutical industry has done it all.
According to many surveys conducted globally, the Pharmaceutical Industry has witnessed a growth of more than 59% since the covid-19 pandemic has begun, which is a tremendous increase.
Suppose we are talking about Indian Pharmaceutical Industry. In that case, right now, we are leading the whole world with the pool of researchers/doctors and scientists that are working day and night to make vaccines to fight this pandemic and making them available all over the world.
The breakdown of the covid-19 pandemic has proved to be a boon for the Indian Pharmaceutical players. But at the same time, the covid-19 pandemic has also hindered the delivery of API (Active Pharmaceutical Ingredients) from various countries, resulting in a shortage of supplies globally.
However, still, we are facing tough competition here from China. And since the last year, there have been border tensions going on between both countries, and there is a need to boost domestic manufacturing units and the Active Pharmaceutical Ingredients in the country itself.
India is second most significant in contributing to the workforce and researching in the pharmaceutical industry. And that’s why we cannot afford to have a shortage of supplies of APIs to fight various diseases and not just the covid-19 pandemic.
And hence, the government of India is taking enormous, never seen before bold steps in promoting the self-sufficiency of this sector worldwide. The announcement by the Government of India is investing INR 13.76 billion as an incentive package to encourage the domestic manufacturing units and includes Active Pharmaceutical Ingredients.
India has also shown interest in collaborating with various countries all over the globe in the fight against the covid-19 pandemic, a move much appreciated by the World Health Organization and United Nations.
A separate plan to invest money, especially in boosting the production of Active Pharmaceutical Ingredients by 2023, is a much welcome move by the government of India.
The projected growth for the Indian Pharmaceutical Industry is 10-12% over the next five years which is a positive thing for the Indian Pharmaceuticals players and Indian Healthcare Industry.