India’s Generic Drug Market – Demands Pour in from China
India stands among the global leaders with respect to healthcare and pharmaceutical industry. Generic drugs are key products of the Indian healthcare market and other than delivering to its own countrymen, it exports medicines to more than 200 countries.
Rising Demand for Generic Drugs
With the increasing need for generic drugs, the demand is supposed to get bigger in the future. In spite of offering drugs at lower prices, the quality has never been put under questions. India has always been a hope for the world with their cost-effective drugs and its position as a pharmaceutical manufacturer is widely acknowledged.
“India Produces 20% of the World Generic Drugs.”
In fact, 60% of the drugs produced in India is for developed nations of Europe and America along with Japan.
China’s Steps-in to join hands with India
After a long wait, China has also opened their gates to import anti-cancer medicines from the Indian market. The step was taken after looking at the critical medical condition of people suffering due to the expensive costs of medicines in the Chinese market.
According to a report by the state-run China Central Television,
“Around 4.3 million people are diagnosed with cancer every year in China.”
Also, an agreement has been signed which has further boosted our relations with the nation. China has agreed to reduce tariffs on Indian medicines but there is still no clear view whether they would grant licenses to Indian companies for selling their drugs in the huge Chinese market.
Why India has an edge?
Indian pharmaceutical industry is booming day by day. Due to its huge production, good quality, and cost-effectiveness, the medicines are always in demand, especially specialty drugs. And when it comes to China, the administration and technology with respect to the production of generic drugs lack far behind the international standard. So, the drugs produced are not that reliable and cause side-effects and allergies.
Read Also: Generic Drugs: Affordable And Effective
The Necessary Steps
Ministries and departments from both sides have worked harder to improve pharmaceutical trade relations. It has not only granted access to China to import drugs from India but can also be seen as a positive for Indian generic drugs market to grow further.
"It is believed that expanding and deepening China-India pharmaceutical trade cooperation will further enhance the health and well-being of the two peoples," Hua Chunying, spokesperson of China's Foreign Ministry had said before in a conference that took place in July.
So, it won’t only boost the relations of both countries but it would also bring forth the path to new developments and growth in the healthcare market and not to forget the health of the people of both countries.