The pharmaceutical industry in India has witnessed an accelerated growth in the last few years and with it the need for refrigeration and freezing solutions specific to the industry has also grown. Vaccines, biological products and other temperature sensitive medications rely on refrigerators and freezers in order to maintain the integrity of the product and these are absolutely critical to pharmaceutical manufacturers. With the country still playing a major role in global vaccine production, particularly brought to the forefront by the pandemic, reliable cold storage has never been more important.

India’s pharmaceutical market is expected to record a compound annual growth rate (CAGR) of greater than 11 percent by 2030. As the production escalates though, there also arises a need for quality control, regulatory compliance and the need for advanced cold chain infrastructure. In response, manufacturers of refrigerators and freezers have been launching specialized equipment that can meet the rigid temperature control standards to guarantee the security and efficacy of the merchandise. Today, market growth is being seen for companies who provide solutions for pharmaceutical applications, such as ultra-low temperature freezers and modular cold rooms.

Government's incentive into enhancing healthcare infrastructure, including Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), contributes to the demand for pharmaceutical refrigeration further. This market has also expanded due to the tendency of biologics and personalized medicine to grow, which require accurate temperature regulation. Overall, the refrigerator and freezer manufacturing sector serving India’s pharmaceutical industry is booming. As the industry grows, manufacturers will be needed to provide state of the art cold storage solutions, which will lead to a wide opportunity for them in the coming years.

Keeping tabs on this market, India Pharma Outlook has shortlisted the select few companies from this sector that have exhibited an unrelenting pursuit of excellence. By proving their dedication to fulfilling customer expectations and contributing to the market’s evolution through their innovative disposition, these firms are blazing a trail.

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