DID YOU KNOW?
- Approximately 1,200 pharmaceutical companies had active R&D pipelines, and this number increased to over 6,100 by January 2024.
- Global medicine use rose by 414 billion doses in the past five years and is projected to increase by another 400 billion by 2028
- The government has expanded a committee to reform drug and medical device pricing, including civil rights activists, to evaluate essential medicine availability and incentivize industry growth.
- The Serum Institute of India shipped the first batch of R21/Matrix-M malaria vaccine to Africa, dispatching 43,200 doses. A total of 163,800 doses are allocated for the Central African Region, with other African nations to follow.
- The domestic pharmaceutical formulations market is projected to be worth Rs 5.5 trillion by 2034, growing at a compound annual growth rate (CAGR) of 10 percent.
- Emerging markets such as Latin America, Africa, Russia, the CIS, and Southeast Asia are growing 1.5 to 2 times faster than regulated markets, attracting Indian pharmaceutical giants.
- The Indian pharmaceutical industry has been experiencing double-digit growth year on year, achieving this level of growth in real terms over the past decade.
- The government is contemplating a ban on producing, importing, and distributing chloramphenicol and nitrofurans antibiotics in food-producing animal-rearing systems because they are misused in poultry and animal feed supplements.
- A study conducted in the United States revealed that 50 percent of all generic drugs and 40 percent of all prescription medicines are sourced from India.
- According to a drug alert issued by the CDSCO, a total of 52 samples failed the quality test in June
- The government has allowed global tenders to be floated for the procurement of 120 drugs, including the anti-diabetic medication Semaglutide after a lack of domestic options.
- In May 2024, the Indian pharmaceutical market grew by 5.2%, driven by double-digit value growth in anti-infectives (12%) and respiratory therapies (10.2%) due to sudden weather changes.
- Out of over 300,000 clinical trials, only 5-10% of eligible patients are aware of these studies.
- Nineteen percent of trials prematurely close or terminate due to insufficient participant enrollment, resulting in an estimated loss of value amounting to $800 billion.
Exclusives
by Gerardo Gomez
Director QMC-USA and CQV SME, PharmaLex
An article for Digital transformation is the process of using digital technologies to create new or modify existing business processes – By Satish Desai
