India's Leading Healthcare & Pharma Companies 2023

18 | India’s Leading Healthcare & Pharma Companies 2023 OVERVIEW OF INDIA PHARMACEUTICALS SECTOR T he pharmaceuticals industry is one of the major sectors in Indi a wi th immense prospects. It ranks third in the world in terms of production volumes and is also the largest supplier of generic medicines. In terms of value, it is 11 th largest globally, which is expected to improve to 9 th position by 2026. India is also known for its low-cost vaccines and emerged as one of the largest manufacturers and suppliers of COVID-19 vaccines. India accounts for 60%of the world vaccine production, caters to 40% of the World Health Organization (WHO) demand for Diphtheria, Tetanus and Pertussis (DPT) and Bacillus Calmette–Guérin (BCG) vaccines, and 90% of the WHO demand for the measles vaccines. In that sense, India has emerged as a leading provider of medicines and healthcare to the world and has beendubbed as the “Pharmacy to the World”. Besides having one of the largest production volumes and leading vaccine manufacturer, India is also a leadinghubof pharma innovation and manufacturer of high-quality but affordable medicines. The count ry produces near l y 60 thousand different generic brands across 60 therapeutic categories, contributing to 20% of the global supply of generics. Apart from supplying low-cost gener ic drugs to mi l l ions of patients globally, the country is also home to the largest number of Un i ted St a tes Food and Drug Administration (USFDA) approved pharma plants, as well as a significant number of World Health Organization (WHO) Good Manufacturing Practices (GMP) complaint manufacturing plants, which has further added to the Dun & Bradstreet