According to the commerce ministry data,India’s pharmaceutical exports have grown by 11% to USD 19.2 billion in 2018-19.The growth was mainly driven by higher demand in regions such as North America and Europe.
Further,the Chinese market is also gradually opening up and the Indian government is working to push India’s exports there as it holds huge potential market.
Generic drugs form the largest segment of the Indian pharmaceutical exports with 75% market share(in terms of revenues).India supplies 20% of global generic medicines in terms of volume making the country the largest provider of generic medicines globally.
A generic drug is a copy of drug medication created to be the same as an already marketed brand-name drug.It equals in dosage form,safety, strength,route of administration,quality,performance characteristics and intended use.
Generics do not involve repetition of extensive clinical trials over the years,unlike brands that undergo extensive R&D procedure.Hence, generics manufacturing cost is less and so are their prices.
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