PHARMACEUTICALS INDUSTRY: TRENDS AND PROSPECTS
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The pharmaceuticals industry is one of the pivotal pillars of the Indian economy, whereas the country ranks third worldwide for pharmaceutical production by volume and fourteenth by value (about USD 40 billion). The country also contributes 3.5 per cent of total drugs and medicines exported globally by trading with more than 200 countries. Moreover, the Indian pharma industry supplies over 40 per cent of the generics in the biggest pharma market – the US and about 25 per cent of the prescription drugs in the UK, along with catering to over 60 per cent of the global vaccine demand.