India's API Market is Growing Rapidly : The size of India's active pharmaceutical ingredient (API) market is expected to grow to $22 billion by 2030. This information was given in a report released on Monday.
India's API Market News : Management consulting firm Praxis Global Alliance reported that the country's API market is growing at a compound annual growth rate (CAGR) of 8.3%. APIs are biologically active ingredients in medicines that have a direct effect on medical activity or treatment of diseases. For example, in common medicines like Crocin, paracetamol works as an API, which is directly responsible for the pain relieving properties of the medicine.
India is the third largest API globally
The report said that India is the third largest API producer globally with a market share of 8 percent. More than 500 different types of APIs are manufactured in the country. Madhur Singhal, Managing Partner, Pharma and Lifesciences at Praxis Global Alliance, said that India contributes 57 percent of the APIs in the WHO prequalified list. The API market is expected to grow from $18 billion in 2024 to $22 billion by 2030, showing an annual growth of 8.3 percent.
APIs are an important part of India's pharmaceutical market
APIs represent a significant segment of India's pharmaceutical market. APIs contribute approximately 35 percent to the value of the sector.
Singhal further said, "On an average, API accounts for 40 per cent of the cost of manufacturing medicines. However, depending on the market conditions, this figure can increase to 70-80 per cent."
Many schemes were launched to boost the pharma sector
Many schemes are being run by the government to boost the pharma sector. These include the Production Linked Incentive (PLI) Scheme (2020-30), Promotion of Bulk Drug Park (2020-25) Scheme, PLI Scheme for Pharmaceuticals (2020-29) Scheme.
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