Currently, India is the biggest provider of generic medicines, containing a market share of 20% to global supply by volume and satisfies virtually 60% of the vaccine requirement around the world. Indian pharmaceutical companies also supply 80% of antiretroviral medications in the international markets.
The ongoing pandemic has generated an increase in healthcare centres, due to which old and new pharmaceutical firms in India have provisioned to the huge need of society.
The international pharmaceutical market is expected to surpass USD 1.5 Trillion by the year 2023. India possesses a vital position in the worldwide pharma market. India produces more than 50% of the worldwide need for different vaccines and 40% of the need for generic products in the United States.
Indian pharmaceutical sector is assumed to grow to US$ 100 billion, while the medical device market to grow US$ 25 billion by 2025. Pharmaceuticals export from India endured at US$ 16.3 billion in FY20. Pharmaceutical export involves bulk drugs, intermediates, drug formulations, biologicals, Ayush and herbal products and surgical. As of November 2020, India shipped pharmaceuticals worth US$ 15.86 billion in FY21.
India’s domestic pharmaceutical market turnover touched Rs 1.4 lakh crore in the year 2019, up 9.8% y-o-y from Rs 129,015 crore in 2018.
Benefits Of The Pharmaceutical Industry In India
The demand for western medicine has risen tremendously, which has strengthened partnerships between Indian production centres and Western companies.
In India, there are several well-trained chemists and a vast market, thanks to the mastery of the country’s pharmaceutical industry. This is the main reason drugs are extraordinarily cheaper in India, given that it is one of the best manufacturers of generic medications.
Intense Growth and Competition
Drug prices have remained low due to the high intense competition and growth of the pharma manufacturing companies in India. This growth has been associated with the enhanced medical infrastructure in the country, the production of new markets, improved chronic disease diagnosis and the launch of patented products.
Upgraded Manufacturing Plants
The pharmaceuticals industry in India has seen meaningful investments made by pharma manufacturing companies in India towards enhancing their plants to reach international standards.
Top 10 Pharmaceutical Companies In India
1] Wellincure India
Website – wellincureindia.com
Welincure is a reputable and leading pharmaceutical company in India. It is a rapidly growing ISO-certified industry that has achieved high relevance through a newbie in the industry. They contribute a wide range of services, from sourcing, storing, and supplying different medical products to generic medicines at an affordable price.
Although it is still a new establishment, it has increasingly grown fast and become a significant stakeholder in the pharmaceutical industry in India.
2] Mankind Pharma
Website – mankindpharma.com
Mankind Pharma is known to be one of the founding pharmaceutical industries in India. It became a formal corporation in the year 1991 based in New Delhi. They are widely known for their performance in medical research, which has depicted them as one of the leading pharmaceuticals in the world.
They offer other services such as generic drugs, OTC, FMCG, Diagnostics, and so on.
Sanofi is a well-known private and one of the world’s leading pharmaceutical companies in India. They are manufacturers and distributors of various therapeutic formulations varying from diabetes, cardiology, thrombosis, anti-histamines, central nervous system, etc. They are globally renowned for several generic medicines, vaccines, biological products, and distribution.
Website – cipla.com
Cipla is one of the top multinational pharmaceutical company in India. It is known for its advanced and sophisticated technology for the generation of medicines and giving care to all. They are driven with the purpose of providing care for life. They are instrumental in pioneering affordable, accessible, and readily available antiretroviral therapy in HIV/AIDS to Africa since the early 2000s.
5] Divis Labs
Website – divislabs.com.
Divis Labs Ltd. is a popular Indian manufacturer of Active Pharmaceutical Ingredients (APIs). Some of their products involve naproxen, gabapentin, dextromethorphan HBr amongst others. They are high research-oriented and regularly launch new and improved ingredients as well as intermediates.
6] Intas Pharma
Website – intaspharma.com
Intas Pharma Ltd. is a renowned and one of the top leading multinational pharmaceutical companies in the world. It is a significant player in the market, with more than 70 per cent of its revenues from international markets.
It has more than 550 scientists exploring the R&D in the company. R&D is known as one of the most treasured assets at Intas as this is acknowledged as the heart of their success. They have long-term generated mastery in the curative segment such as CNS, cardiovascular, urology, gastroenterology, oncology, diabetology, etc.
7] Orchid Pharma
Website – orchidpharma.com
Orchid Pharmaceutical Ltd. s a prime fortune pharmaceutical company in India based in Chennai. Orchid presents many pharmaceutical products with its principal product as Active Pharmaceutical Ingredients (APIs). They manufacture several domestic formulations for treating complications and managing critical care applications. It has three research centres, three formulation manufacturing sites, and two API manufacturing sites in India.
8] Matrix Labs
Website – matrixlabs.in
Matrix Labs specializes in the manufacture of chemical products. They are a chief supplier of pharmaceutical bulk drugs, API, and raw materials for generic medicines.
They extend varying services from the acquisition of desired raw material to indenting pharmaceuticals active Ingredients (APIs) and source different bulk drugs from top Indian pharmaceutical companies for retail.
9] Abbott Laboratories
Website – abbott.co.in
Abbott Laboratories was established in 1910 and is one of India’s oldest and operating health care companies. They contribute to altering formulation solutions, nutritional products, medical devices and diagnostic products and services. It appears as a market leader in pharmaceutical products, nutrition, diagnostic services, and other related segments.
Website – pharmexcil.com
Pharmaceutical Export Promotion Council of India is known as the administrative agency authorized by the government of India. It saddled with the duty to oversee the exportation of pharmaceutical products from India.
Some of these products involve bulk drugs, formulation, herbal products, clinical research, etc.
Frequently Asked Questions(FAQs) on Pharmaceutical Companies In India
1] What are the problems faced by the pharmaceutical industry in India?
- Increased Competition from Generic Drugs
- Legal Liability for Opioid Addiction
- Keeping Up with Technology
- Counterfeit Drugs and Global Quality Control
- Patent Cliffs
- Product Liability
2] Which is the No one pharma company in India?
3] How much does it cost to start a pharmaceutical company in India?
Drug license, FSSAI registration, TIN, GST number, as well as licensing costs are the principal expenses. You will need a manufacturing unit, which can be either owned or outsourced. The overall cost of launching a pharma manufacturing company goes between 5 lacs to 10 lacs. It also depends on the size and complexity of the business.
4] Who is the wealthiest pharmacist in India?
5] Which pharma company is world No 1?