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23/02/2021 - Economic Survey

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February 22, 2021

Indian Pharma needs to utilize the golden opportunity presented by the pandemic and can eventually emerge as the pharmacy of the world. Analyse (200 Words) 

Refer - Economic Survey V-II Chapter 3

Enrich the answer from other sources, if the question demands.

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IAS Parliament 3 years

KEY POINTS

·        Indian pharmaceutical industry is third largest in the world, in terms of volume, behind China and Italy and 14th largest in terms of value.

·        India almost doubled its share in world pharma exports in a span of ten years from 1.4 per cent in 2010 to 2.6 per cent in 2019.

·        According to data available from US-FDA, Indian pharma companies have garnered nearly 45 per cent of all new abbreviated new drug application (ANDAs) approvals, which would aid exports growth in the coming years.

A well-defined strategy for broad based development of the industry needs to include the following components:

·        Broaden base in terms of markets, as well as product categories: Pursuing opportunities in newer product classes such as biosimilars, gene therapy and specialty drugs and increasing exports to large and traditionally underpenetrated markets such as Japan, China.

·        Restructure the current regulatory mechanism and upgrade and build capacities at various National Institute of Pharmaceutical Education and Research (NIPERs).

·        Greater R&D Expenditure to move up the value chain from generics to Novel Chemical Entities (NCEs).

 

 

Dev 3 years

Please Review and Provide Feedback 

IAS Parliament 3 years

Try to include data to support your arguments. Keep Writing.

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