India has a crucial role in global medicine production and sales. The country is the top-producer of generic medications, which can be sold at lower prices to consumers.
Even newer drugs are often offered at a lower price than competitors. For instance, the Serum Institute of India (which happens to be the world’s largest producer of vaccines) is partnering with the World Health Organization and other groups to produce a COVID-19 vaccine that would be sold at only $3 USD per vaccine. Compare this to prices listed by other companies, which can reach up to $37 USD per vaccine.
Despite its important role in accessible treatments, the Indian pharma industry is facing several threats, notably from its main competitor, China, which is becoming an increasingly important player in the world market.
Read on to learn more about “the pharmacy of the world,” as India has been dubbed, and the challenges it faces to continue to provide inexpensive treatment options to patients around the globe.