Some years back, generic drug industry in India contributed to just a small segment of the pharmaceutical drug market. With time, however, the industry has grown by leaps and bounds, placing India among the top world’s suppliers of generic medicines. The development has been attributed to India’s step to be part of World Trade Organization in 1995, as it facilitated the exportation of generic drugs to various parts of the world. Recent market surveys indicate that generic drugs account for more than 80% of the income generated from the pharmaceutical industry In India.
Generic drug industry specializes in marketing and sale of drugs that are identical to brand-name drugs in terms of effectiveness, quality, strength, method of administration, dosage, and safety. Since generic manufacturers do not pay the cost of discovery, they bring the drug to the market at a lower cost. Generic industry is only allowed to start producing drugs after the expiry of patent and other exclusive rights of the company that discovered the drug
The Ministry of Health and Family Welfare in India has taken the initiative to boost the generic industry by asking health providers and public hospitals to prescribe generic drugs instead of the expensive brand drugs. The move has proved beneficial to people seeking medical care because they save on the cost and are accessible to many. As a source of income, the industry is a goldmine not only for India but also for other countries that depend on India for the provision of generic drugs.
However, the enormous growth of generic drug industry In India has not been achieved without setbacks along the way. For example, some pharmaceutical industries in the United States have in the past claimed that the company thrives by relying on the medical research carried out by the US. Another challenge faced is an existing misconception among some people that generic drugs are counterfeit. On this, it should be noted that generic drugs are genuine. The only thing setting them apart from brand-name drugs is the fact that they are sold under a different name, and may contain extra inactive ingredients meant to change the appearance of the drug.
Despite the above challenges, India’s generic industry is expected to scale greater heights in the coming years due to the expected expiry of the patent for some big innovator companies, especially in the US. An example of companies selling generic drugs in India includes Taj Pharma and Coper Pharma among others.