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18 May 2022, 20:24 GMT+10
If one needs to take one name that created a much strong buzz in terms of pharmaceutical exports amidst the horrific pandemic years, India is definitely one name that nobody can miss out on. From inventing Covid-19 vaccine to exporting some much required pharmaceutical drugs to multiple countries, and that too in huge bulks; India did a remarkable job.
Indian Vaccines Against Covid-19
India's Buzzing With Bulks of Pharma Exports Across the Globe
Pharmaceutical manufacturers in India exponentially increased exporting essential drugs as a way of contributing to the global war against the coronavirus pandemic in the first half of the fiscal year of 2020.
The main driving force behind such numbers is definitely a spike in the demand of various core and allied pharma products, which was a result of the hoarding of supplies by some nations in the wake of production disruptions due to the Covid-19 pandemic.
But apart from that another significant reason for the increased demand for active pharmaceutical ingredients (APIs) from India, is the gradual tendency of customer diversification which is moving away from China; while some countries switching on to the policy of 'China plus one'.
Adding on to this, several Indian pharmaceutical manufacturers in India have also inked agreements with Gilead Sciences to manufacture and export Remdesivir.
Researches state that Chinese supply disruptions in the early 2020 coupled with persistent quality issues paved the way for Indian pharma companies as India was taken as an alternative supplier of bulk drugs. Moreover, the Indian API exporters also successfully generated desired figures on their exports during H1 FY21; while exporters of both formulations and bulk drugs maintained about 7 to 8% year-on-year growth rate.
As time passed, the lockdown restrictions got eased out; coupled with a revamp in specialty products, and biosimilar drugs took up a significant place in terms of India's pharma exports.
Although there was an initial hesitation in exporting certain drugs, India did provide the world with critical drugs like hydroxychloroquine, paracetamol as well as azithromycin. Indian pharma exporters reached out to over 20 countries, joining hand in the fight against the Covid-19 pandemic.
Countries India Exported Pharmaceuticals in Bulks Amidst Pandemic
Interesting Facts and Figures of Indian Pharma Exports
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