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Globally, India is the leading supplier of generic medications. Huge world’s demand for various vaccines is met by the Indian pharmaceutical industry, as is from the US market for generic drugs and the UK market overall. India is one of the largest producers of pharmaceuticals in the world by volume and the fourteenth-largest producer by value.
A network of medicinal businesses and manufacturing facilities make up the domestic pharmaceutical sector.
India holds a significant place in the global pharmaceutical industry. The nation also possesses a sizable pool of scientists and engineers that might propel the sector forward and to new heights. Currently, Indian pharmaceutical companies provide more than 80% of the antiretroviral medications needed to treat AIDS (Acquired Immune Deficiency Syndrome) around the world.
The India pharmaceuticals market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
R&D, product development, and high-value production incentives,To reduce import dependence, benefit domestic manufacturers, encourage product diversification and innovation for development of complex and high-tech products especially in in vitro diagnostic devices and emerging technologies especially in cell based or gene-based therapies,
the Government of India has launched a Production Linked Incentive (PLI) Scheme for Pharmaceuticals with provision for government incentives.
The Department of Biotechnology was formed by the Indian government under the Ministry of Science and Technology. Since then, a variety of exemptions have been provided by the federal government and individual states to promote the expansion of the business.
The science minister of India has started a programme that offers tax breaks and grants to biotech start-ups and businesses looking to grow. The initiative also creates the Biotechnology Parks Society of India, which will assist ten biotech parks. Animal testing, which was previously restricted to rats, was made possible thanks to the minister’s effort.
States are competing with one another for the biotech industry and providing perks such as exemption from VAT and other levies, financial support for patents, and subsidies.