The pharma sector of India is considered the third-largest segment in the world. This is because, when it comes to vaccines, the country meets almost 60% of the global demand, including main ones, such as those for diphtheria, pertussis, and tetanus. In addition, the country meets 90% of the worldwide demand for the vaccine to treat measles.
Currently, generic medicines are playing a vital part in the fight against COVID–19. India has been meeting over 20% of the planet and almost 50% of the generic drug necessities of the United States. Unfortunately, the best PCD pharma company in the country also counts mainly on China for KSMs or key starting materials, APIs, and intermediate with China catering to almost 70% of its requirements.
The pharma sector of India is a vital component of the worldwide healthcare infrastructure. Every year, it plays a crucial role in saving the lives of millions of people around the world. However, similar to all other sectors, the country’s pharma sector has also been affected by COVID–19, which has brought about different changes.
The COVID–19 pandemic has interrupted supply chains not only across India but also across the entire world. All sectors in India, including pharma, are affected by supply chains, which have come to a grinding halt. The cost of raw materials has been increased amid restricted supply, manufacturing schedules have been disrupted, franchise for pharmaceutical companies has been suspended, and shipping expenses are sky-high in the country. The impact of COVID-19 on the pharma sector of India is typically obvious, as most raw materials are acquired from China, the epicenter of the eruption.
With the outbreak of COVID-19, the manufacturers of generic medicines in India are incapable to launch products or conduct medical trials. This is because of the restriction imposed on the movement of goods and people amid lockdowns. Consequently, timelines for medicine filings have been extended and even worst money flows from the launching of new generic drugs have either been delayed or totally wiped out.
Due to the COVID-19 outbreak, the drug manufacturers in India come across other difficulties, as well. A pharmaceutical company in the country can sell its drugs in the United States only after they have been checked and accepted by the FDA of the country. With the ban on global travel, the assessment is naturally not possible, rendering it unfeasible for Indian pharma companies to sell their drugs in the United States and other overseas markets. The plague has also enforced generic medicine manufacturers, both captive and contract, to postpone their plans to launch their new products. When new pharma product launches as well as clinical tests by big global pharma companies are postponed, the drug companies from which they get raw materials stumble upon the heat. This causes low sales, thus posing one more major apprehension for Indian drug companies supplying their products to global pharma giants.