India's Pharmaceutical Sector
India's pharmaceutical sector, historically evolving from early 20th-century origins and significantly shaped by the 1970 Patents Act which fostered generic drug production, has emerged as the "Pharmacy of the World." This critical industry, renowned for high-quality, affordable generic medicines, supplies over 20% of global generic demand and 60% of the world's vaccines. At present, India proudly holds the 3rd largest position globally by drug volume and boasts the highest number of US-FDA compliant plants outside the US, totalling over 3,000 companies and 10,500 manufacturing facilities.
Recent Developments
- The domestic pharmaceutical market was valued at approximately US$ 50 billion for ....
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