Venkateshwara Group of Institution BEST College in Meerut , Uttar Pradesh
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The Corona impact on Indian Pharmaceutical industry is significant because it fostered innovation of life-saving drugs.
In fact Corona pandemic proved to be a blessing in disguise because it instigated development of indigenous vaccines.
India is already the largest vaccines producer in the world with over 65% vaccines manufactured in the country.
This proves we have the expertise to manufacture world class products ushering in innovation & growth.
The GOI is incentivizing local production of key ingredients because 70% of our active pharmaceutical ingredient (API) come from China.
This dependency on hostile nations is dangerous because they can scuttle our supply chains in critical times like pandemic.
Indian pharmaceutical firms have proven their worth by developing Cowaxin because we cannot depend on others for vaccination.
This catastrophe has encouraged companies to usher in innovation because we lag in new molecule development crucial for innovation.
Indian Pharmaceutical companies turned this adversity into opportunity by fostering R & D, which led to the development of Cowaxin & Zycov–D. India’s indigenously developed Corona vaccine.
Corona’s impact on Indian Pharmaceutical industry is prominent because firms have realized the importance of innovation.
Companies hire talent who have expertise in product development because it enables penetrating new markets.
Firms are expanding their R & D because their survival depends on innovating cost effective drugs suitable for all markets.
More companies have realized the importance of exports because India supplies around 80% of the global anti-AIDS drugs.
Cipla offers anti-retroviral drugs at 1/25th of the price which US firms demand from their African clients.
Corona impact on Pharmaceutical industry fostering exports
This proves India is the pharmacy of the world because we are the largest generic drugs & vaccines supplier of the world.
The GOI’s Rs 17000 crores production linked incentive (PLI) scheme encourages local production of basic ingredients because we import 70% of API from China.
To spearhead India’s growth, we need to create an innovation culture because it’s vital for sustenance.
We should upgrade research infrastructure at pharmacy colleges because they nurture future pharmacists.
Colleges should undertake research projects in collaboration with industry because students can provide critical solutions.
The government should organize innovation contests regarding pressing issues because they foster problem solving & critical thinking desired by the industry.
The world revers Indian intellect because firms like Infosys & TCS are global tech pundits.
They endorse vast projects & have a credible presence in the US & European markets.
Indian Pharma giants like Ranbaxy, Cipla & Cadilla are catering to international markets because they have USFDA approval.
USA continues to be the largest market for Indian pharmaceutical companies because we manufacture quality drugs at competitive prices.
We repositioned the Make in India program to become Make for the world because we have the second largest pool of pharmacy professionals in the world.
They need to be trained in the best manufacturing practices so that we nurture their innovation intellect, leading to discoveries.
Corona has repositioned the Indian Pharmaceutical industry from being MNC subsidiaries to innovation powerhouses breeding growth.
Brighter career prospects
This development has renewed faith in the pharmaceutical sector because more students pursue pharmacy because it offers brighter prospects.
It’s recession proof because health is a priority for all.
When the lockdown shattered businesses, the Indian pharmaceutical sector grew because of increased demand for life-saving drugs.
With a country of 130 billion, only a few companies had the expertise to develop vaccine because of a dearth of R & D in key areas.
Companies like Bharat Biotech pounced upon the opportunity & received ICMR support because they showed an intent for innovation.
Now Bharat Biotech is laughing its way to the bank because they turned a challenge into opportunity by upgrading their R & D that fosters growth.
This should encourage others to focus on R & D because it enables drug discovery vital for survival.
Overall, Corona’s impact on Indian Pharmaceutical industry is positive because companies revamped their infrastructure that fosters research.
In fact, we require industry professionals in pharmacy colleges because their experience is vital for the skill enhancement of the students.
The Corona pandemic forced Pharma companies to rethink their business strategy because just producing cheap variants of branded medicine is not enough.
They need to invest in R & D because research breeds innovation, crucial for survival.
Another impact of Corona on Indian Pharmaceutical industry is hiring interns because companies can train young talent for critical roles.
These interns have tremendous energy for research because they can endure in labs for new product development.
During the lockdown, students augmented their skills through various online resources as Google & YouTube.
It tempted them to gain hands-on skills & foster discovery because they are eager to apply concepts for innovation.
