Priyanka Tiwari
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News from India’s API Market : A report by Praxis Global Alliance stated that India’s API market is expected to grow at a CAGR of 8.3% and the current market size stands at USD 18 billion. An API, or active pharmaceutical ingredient, is a medicine that works to directly heal or treat a medical activity. For instance, the widely used pain medication Crocin, contains paracetamol as an active ingredient which relieves pain.
India is the third largest API globally
India is the 3rd largest API market after China and Europe, accounting for about 8% of the global market share with over 500 different APIs produced in the country. Madhur Singhal, Managing Partner, Pharma and Lifesciences at Praxis Global Alliance stated that 'India is the single largest source of APIs for the WHO prequalified list. We provide more than 57 percent of the total APIs' The report also indicated that the Indian API market is projected to grow to USD 22 billion by 2030 from the current mark of 18 billion dollars.
APIs are an important part of India’s pharmaceutical market
APIs comprise an essential portion of the Indian pharmaceutical industry. Their contribution stands at roughly 35% of the total expenditure for the industry.
Singhal further said, “At an approximated mean, API is responsible for nearly 40 percent of total expenses incurred towards the manufacturing of medicines. However, due to market conditions this figure could rise to anywhere between 70 to 80 percent. ” Singhal went on to explain, stating that up until recently, PLI programs 2020-2030, promotion of bulk drug parks 2020-2025, and PLI for pharmaceuticals 2020-2029 did aim to prop the pharma industry up. Most of those programs remain obsolete today. ‘Many initiatives were introduced to serve the purpose of propelling the pharmaceutical industry’, he added.
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