The industry of Active Pharmaceuticals Ingredient is one of the prominent emerging markets and holds a significant position in the global pharmaceutical sector. The API Pharma Companies in India are expected to grow robustly in the near future and contribute apparently to the Indian and global economy.
Here are some more interesting details about API:
What is API?
The World Health Organization (WHO) describes API as any combination of ingredients that are used in a Finished Dosage Formulation (commonly known as FDF) and intends to offer pharmacological properties or to have a direct impact on the identification, cure, mitigation, treatment, or prevention of a given disease.
Indian API Manufacturers and Growth
The Active Pharmaceuticals Ingredients (API) Industry of India is one of the most complex and extensive manufacturing sectors. With more than 58,000 manufacturers and approximately 2 million people directly or indirectly employed in this industry, the API industry has an annual turnover of over $2 trillion, contributing about 35% to the market. Over the next 5 years, API pharma companies in India are expected to grow at a pace of 16%. The demand for API has augmented both domestically and overseas, especially after the pandemic. About an 18% hike was seen in the exports of API in the financial year of 2021 – 2022.
Where Does Indian Pharmaceuticals Industry Stand?
India is one of the fastest-growing economies. In the past few decades, the nation has experienced growth in leaps and bounds. According to World Bank Data, the GDP rate was above 7% between 2010 and 2016. The pharmaceutical industry has a promising future here; some of the Top Chemical Manufacturing Companies in India are leading suppliers of API in abroad. The government has taken several steps to fortify the healthcare industry in India. Under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY), several hospitals and medical colleges have already been constructed. More than 100 AIIMSs are expected to be established under this initiative by 2023-24. Some of the most advanced hospitals and medical institutes have recently come up that have upgraded public healthcare. The consumption of pharmaceutical goods will continue to be in demand and will even rise.
In the coming years, the market for API in India is expected to rise by 11%. This expected rise is because of the expanding drug research industry here because of the growing awareness for a healthy life among people who are willing to pay more to access premium-quality drugs or health care.
The Indian pharmaceutical sector has an expanding drug research and optimistic future as it has several prospects for entrepreneurs who are looking forward to step in this industry or looking forward to expanding their reach to foreign waters.
WBCIL is one of the leading Active Pharmaceutical Ingredient Suppliers in India. We have established a relationship of trust with our clients over more than six decades, since our establishment. You can expect premium-quality APIs from our company. Call us to learn more about our products and how to place an order with us.