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The New Leap of Indian Pharma Export in FY23

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The New Leap of Indian Pharma Export in FY23

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  1. The New Leap of Indian Pharma Export in FY23

  2. Factors Contributing to the Growth of the Pharmaceutical Industry in India • 1. Government Initiatives to Boost PharmaExport • In March 2022, the government announced the strengthening of the pharmaceutical industry (SPI) scheme with a total budget of 500 crores for FY 2021-22 to FY 2025-26. • After a hiatus, India resumed deliveries of COVID-19 shots to the COVAX program in November-December • 2. Investment in R&D and innovation Research and development (R&D) are important in every industry. It is particularly essential in the biopharmaceutical research sector. It helps to save lives and increase profits. Developing new vaccinations and therapies is becoming increasingly difficult. Reliable R&D services can help pharmaceutical enterprises follow manufacturing methods, leading to the creation of numerous new medications. • 3. Globalization When India opened its socialist economy and began trading globally, big pharma exporters from the US and Europe entered the Indian market. They set up cheaper and more efficient production facilities offshore to reduce costs and expand their operations. This created opportunities for small-scale industries to grow their products. The entry of big pharma companies into the Indian market allowed smaller businesses to expand, create more opportunities, and export pharmaceutical products worldwide. • 4. Quality and Compliance Quality and compliance are crucial to India’s growth in the pharmaceutical industry. With the rising pharmaceutical sector, all companies must follow strict quality standards to ensure their products are safe. This led to more investment in research and development and better manufacturing processes.

  3. Impact of the Growth of Pharmaceutical Companies on the Economy • 1. Improved Healthcare Access • The pharmaceutical industry in India has been growing rapidly. The government is helping more people afford healthcare and medicine by making them cheaper. India needs to have its medical industry so it doesn’t depend too much on China. • 2. Job Creation and Economic Benefits • A pharma exporter plays an important role in the Indian economy. Top Indian pharma export companies employ around 2.7 million people directly to the firm. It also creates employment through the supply chain. • 3. Increased Revenue and Growth for the Indian Pharma Industry • The pharmaceutical industry in India is a significant player in the global market. Here are some reasons why: • The Indian pharmaceutical industry is ranking third in production by volume and 14th by value. • From April 2000 and June 2022, foreign investment in India’s drugs and pharmaceutical industry was around $19.90 billion. • Cipla and Drugs for Neglected Diseases initiative (DNDi) teamed up to launch a new medicine in June 2022 to treat HIV in children in South Africa. • The Union Cabinet has approved FDI up to 100% under the automatic route for manufacturing medical devices subject to certain conditions.

  4. How can Pharmaceutical Companies Leverage the New Leap? • 1. Maximize Efficiency • Production efficiency refers to achieving output goals with minimal input. Collecting data from various areas makes it possible to identify improvement areas. Automation can also reduce the manual input, time, and resources required to complete tasks. • 2. Improve Industrial Security • Pharmaceutical companies can face cyberattacks and security threats, which can cause them to hesitate to adopt new technologies that could improve productivity. However, implementing these technologies while safeguarding against security risks can provide a competitive advantage. • 3. Simplify Operation Workflows T • he pharmaceutical industry has strict quality requirements at every step of the process. The common batch process can be beneficial, but it also means that one error can lead to a ruined batch, wasted resources, and potentially serious consequences. Effective batch control is crucial to avoid these negative scenarios. • 4. Better Production • Efficiency in pharmaceutical manufacturing can also be improved by increasing machinery life and uptime. Equipment breakdowns and underperformance can cost companies money in terms of repairs, lost production time, and damaged batches of products. Investing in high-quality equipment and implementing an effective maintenance program can help export pharmaceutical products more efficiently.

  5. Contact Us • Address: 203, Anmol Business Centre, Vrundavan Colony, Near Navrang School Six Roads, Navrangpura, Ahmedabad, Gujarat 380009 • Phone: 079 2640 5517 • Email: info@mediwinpharma.com • Website: http://www.mediwinpharma.com/

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