| |DECEMBER 20249GENERIC PHARMA BOOMS AS DEMAND FUELS GROWTH & INNOVATIONPHARMACEUTICALS DRIVE JOB CREATION, CONTRIBUTING 75 PERCENT ALONGSIDE OTHER SECTORSThe market for generic pharmaceuticals is experiencing notable expansion driven by the rising demand for affordable medications and advancements in drug production. Most generic medications fall under the category of prescription drugs. According to the Food and Drug Administration (FDA), generic medications account for a large share of prescriptions in the United States.The global market for generic pharmaceuticals was valued at USD 424.98 billion in 2024 and is expected to reach approximately USD 874.63 billion by 2033, according to a report released by Towards Healthcare, a subsidiary of Precedence Statistics.In 2022, around 91 percent of prescribed medications were filled with generics. This signifies a significant rise from 2010, when generic medications made up 78 percent of total prescriptions. As per IQVIA, the need for generic medications is growing because of their cost-effectiveness and availability. They enhance general health results and are secure. They have a significant role in broadening treatment availability in neglected regions.The increasing acceptance of generic drugs and heightened emphasis on drug development are anticipated to enhance market growth throughout the forecast period. Moreover, the rise in the production of generic drugs to tackle health issues while striving for affordable treatment methods drives the market.New technologies, like additive manufacturing and continuous flow chemistry, are transforming the production of pharmaceuticals. These technologies lower production expenses and waste creation, thereby aligning with sustainable production approaches. POThe pharmaceuticals industry, along with mobile phones and food processing, demonstrated robust performance since these three together constitute more than 75 percent of all jobs generated. According to an Indian Express report referencing RTI responses from different ministries, the central government's production-linked incentive (PLI) scheme has generated 5.84 lakh direct jobs by June 2024, which accounts for approximately 36 percent of the total goal of 16.2 lakh direct jobs intended to be created over the next five years across 14 sectors.The PLI initiative for the food processing industry, which targets generating 2.5 lakh jobs by 2026-27, has successfully produced 2.45 lakh jobs as of June 2024.The PLI scheme, introduced in April 2020, is a government initiative in India designed to enhance local manufacturing and decrease dependence on imports. It provides financial rewards, usually 4-6 percent of additional sales, to qualifying companies that achieve defined production and investment goals.Originally introduced for the electronics sector, it now encompasses various industries, such as pharmaceuticals, textiles, automotive, and renewable energy. The initiative focuses on drawing in investments, boosting exports, and creating job opportunities, aiding India in its objective to become a worldwide manufacturing center. PO
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