New Delhi: – The Indian pharmaceutical sector, known as the pharmacy of the world, has taken a significant leap because of the Coronavirus pandemic. In the year 2020-21, the pharma industry exports were a whopping USD 24.44 billion. While there is a fall of one or two percent globally, the Indian pharma industry has recorded a growth of nearly 18%.
The pharma sector exports for the financial year 2019-20 were USD 20.58 billion. This was an increase of 7.57% over the previous year. But in the year 2020-21, there was a growth of a substantial 18.07% in the pharma exports. The pharma companies exported nearly USD 24.44 billion. There is a significant component of vaccines in these exports. More importantly, when the global industry has recorded a fall of one or two percent, the Indian growth becomes significant.
There are clear indications that the pharma sector will expand faster in the times to come. India has drawn the attraction of the world with the massive manufacture of the Corona vaccine. At the same time, India has adopted a compassionate policy to supply these vaccines to as many countries as possible and is receiving accolades from around the globe for the gesture. The demand is gaining ground that the vaccines should not be exported unless the need for the vaccine from the country is met. But Indian Foreign Minister S Jaishankar recently announced that India would have to discharge the responsibility to supply the vaccine to other countries by recognising the contribution of other countries in developing the vaccines.
Meanwhile, British Prime Minister Boris Johnson had praised India as the pharmacy of the world during his telephonic conversation with the Indian Prime Minister. There are clear indications that the Indian glory in the pharma sector is set to grow, and the Indian progress in the pharma industry will be reassuring not only for India but also for the entire world.
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