The Indian pharmaceutical industry, often hailed as the ‘pharmacy of the world,’ continues to drive economic growth while transitioning rapidly from generic drugs to MedTech and biosimilars technology.
Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, told ANI that the industry is progressing swiftly in both biosimilars and MedTech. He emphasized that market research firms predict a promising future for the Indian pharma and MedTech sectors, with significant growth expected in the coming years.
MedTech, a vital segment within the healthcare industry, focuses on designing and manufacturing medical devices for diagnosis, prevention, monitoring, treatment, and patient care. Meanwhile, biosimilars are biologic products that closely resemble approved reference biological products in quality, safety, and efficacy. They must match the reference product in formulation, route of administration, dose, and strength.
Chawla cited a 2022 study from the United States revealing that India supplied 50% of all generic drugs and 40% of all prescription medicines in the country. He also highlighted the Indian pharma industry’s consistent double-digit annual growth over the past decade, showcasing its robust expansion.
India boasts the highest number of WHO and US FDA-certified manufacturing plants, underscoring its commitment to quality. Additionally, nearly half of the vaccines distributed globally by WHO and UNICEF come from India, reinforcing the country’s critical role in global healthcare.
As reported by Medical Buyer, the industry’s shift towards MedTech and biosimilars signifies a new chapter, poised for rapid growth and continued contributions to both national and global healthcare advancements.