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
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IAS Parliament 4 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 4 years
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IAS Parliament 4 years
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