Pharmaceutical Industry in India and its Economics

As India completes 75 years of independence, the country's pharmaceutical industry is proudly progressing its journey till date. For more than 2 decades after independence, India was heavily dependent on imports for medicines. The sector has grown rapidly to produce nearly 85% of the domestic requirement. The pharmaceutical industry has grown in strength, especially in the last two decades, becoming a major exporter of generic drugs and vaccines. It is one of the top five sectors contributing to foreign exchange earnings and provides employment to more than 2.7 million people. Thus the pharmaceutical industry plays a major role in the Indian economy. 5000 crores of industry size in 2020-21. 1700 crores and the net annual trade surplus was Rs. is The industry has contributed greatly in increasing life expectancy, improving treatment of many diseases, increasing availability of affordable medicines and overall better life for patients.