The intensely competitive world of generic medicines thrives on reducing cost and increasing compliance with global regulatory norms. India has risen as a global source of reliable generic formulations, supported by affordable bulk drugs and ingredients from other destinations. But this dependence is the weak link in the future growth of India Pharma Inc.
According to India Ratings data, in 2014, India imported 2.46 lakh tonnes of active pharmaceutical ingredients (APIs), making up 72 per cent of the requirement, of which 60 per cent were from China. In 2018, India imported 3.10 lakh tonnes, of which China's share was over 60 per cent. About 75 per cent of APIs used in the formulations of the National List of Essential Medicines are sourced from China.
Having made a name on the finished formulations, it is time India Pharma Inc secures its future by becoming fully self reliant, from key starting ingredients, from APIs to bulk drugs.
India's rank as a global producer of finished formulations will be strengthened further once we increase production of bulk drugs, APIs and other key raw materials. Not only will this protect the industry from price hikes and scarcities, it will also open up new export opportunities once India becomes self sufficient in bulk drugs and APIs. Thus in 2016, the central government proposed to set up three manufacturing hubs devoted to bulk drugs.
Given the existing infrastructure and experienced talent pool, the Baddi-Barotiwala-Nalagarh industrial belt of Himachal Pradesh was a natural choice for one of the three proposed bulk drug parks in the country.
To find answers to these questions and propel India Pharma Inc’s progress, Express Pharma, the leading industry publication from The Indian Express Group, is organising BADDI PHARMA SUMMIT.