How INDIA Became the PHARMACY OF THE WORLD

The Indian pharmaceutical (pharma) industry has an annual revenue of US$50 billion – globally it’s the third largest in the world by volume and 11th by value. It comprises over 3,000 pharma companies and 10,500 manufacturing facilities. It also produces drugs at around a third of the US costs and half of the European costs. Moreover, Indian pharma companies supply around 58 per cent of the worlds’ generics and 62 per cent of its vaccines.1,2 This is the first of three blogs exploring the past, present and future of the Indian pharma market. This first blog examines the evolution of the industry, with subsequent ones exploring the transformations now underway, and the likely future for the industry. The evolution of the pharma industry The first Indian pharma company was established in 1901, and commenced operating in Calcutta (now Kolkata).3 There then followed four distinct periods:

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