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Consider the following statements with respect to the Indian Pharmaceuticals Industry:
1. India has the largest pharmaceutical industry in the world by volume.
2. Branded drugs form the largest segment of the pharmaceutical industry in India.
3. 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.
Which of the statements given above is/are correct?
1. India has the largest pharmaceutical industry in the world by volume.
2. Branded drugs form the largest segment of the pharmaceutical industry in India.
3. 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.
Which of the statements given above is/are correct?
- a)3 only
- b)1 and 2 only
- c)1 and 3 only
- d)1, 2 and 3
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the following statements with respect to the Indian Pharmaceu...
- India enjoys an important position in the global pharmaceuticals sector. It is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume, and also supplies 50% of global demand for vaccines the largest in the world.
- India ranks 3rd worldwide for production by volume and 13th by value, thereby accounting for around 10% of the world’s production by volume and 1.5% by value. Hence statement 1 is not correct.
- The pharmaceutical industry was valued at $ 36.7 bn in 2018. The market is expected to expand at a CAGR of 22.4% over 2015-20 to reach $ 55 billion. India’s pharmaceutical exports stood at US$ 17.27 billion in FY18 and have reached US$ 19.14 billion in FY19. Pharmaceutical exports include bulk drugs, intermediates, drug formulations, biologicals, Ayush & herbal products and surgical.
- Generic drugs, with 71% market share, form the largest segment of the Pharmaceutical industry in India. This is set to grow as exports of generics to the US rise, as branded drugs worth US$ 55 billion will become off-patent during 2017-2019. Hence statement 2 is not correct.
- India's biotechnology industry comprising bio-pharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics is expected to grow at an average growth rate of around 30 percent a year and reach US$ 100 billion by 2025.
- Some of the initiatives taken by the government to promote the pharmaceutical sector in India are as follows:
(i) The Drug Controller General of India (DCGI) announced its plans to start a single-window facility to provide consents, approvals and other information. The move is aimed at giving a push to the Make in India initiative.
(i) The Government of India is planning to set up an electronic platform to regulate online pharmacies under a new policy, in order to stop any misuse due to easy availability,
(ii) The Government of India unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacture. Approval time for new facilities has been reduced to boost investments,
(iii) The government introduced mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to deal with the issue of affordability and availability of medicines,
(iv) 100% Foreign Direct Investment (FDI) is allowed under the automatic route for greenfield pharma, whereas in brownfield pharma 74% is allowed under the automatic route and thereafter through government approval route. Hence statement 3 is correct.
Hence Option A is correct
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Most Upvoted Answer
Consider the following statements with respect to the Indian Pharmaceu...
- India enjoys an important position in the global pharmaceuticals sector. It is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume, and also supplies 50% of global demand for vaccines the largest in the world.
- India ranks 3rd worldwide for production by volume and 13th by value, thereby accounting for around 10% of the world’s production by volume and 1.5% by value. Hence statement 1 is not correct.
- The pharmaceutical industry was valued at $ 36.7 bn in 2018. The market is expected to expand at a CAGR of 22.4% over 2015-20 to reach $ 55 billion. India’s pharmaceutical exports stood at US$ 17.27 billion in FY18 and have reached US$ 19.14 billion in FY19. Pharmaceutical exports include bulk drugs, intermediates, drug formulations, biologicals, Ayush & herbal products and surgical.
- Generic drugs, with 71% market share, form the largest segment of the Pharmaceutical industry in India. This is set to grow as exports of generics to the US rise, as branded drugs worth US$ 55 billion will become off-patent during 2017-2019. Hence statement 2 is not correct.
- India's biotechnology industry comprising bio-pharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics is expected to grow at an average growth rate of around 30 percent a year and reach US$ 100 billion by 2025.
- Some of the initiatives taken by the government to promote the pharmaceutical sector in India are as follows:
(i) The Drug Controller General of India (DCGI) announced its plans to start a single-window facility to provide consents, approvals and other information. The move is aimed at giving a push to the Make in India initiative.
(i) The Government of India is planning to set up an electronic platform to regulate online pharmacies under a new policy, in order to stop any misuse due to easy availability,
(ii) The Government of India unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacture. Approval time for new facilities has been reduced to boost investments,
(iii) The government introduced mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to deal with the issue of affordability and availability of medicines,
(iv) 100% Foreign Direct Investment (FDI) is allowed under the automatic route for greenfield pharma, whereas in brownfield pharma 74% is allowed under the automatic route and thereafter through government approval route. Hence statement 3 is correct.
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Community Answer
Consider the following statements with respect to the Indian Pharmaceu...
Statement 1: India has the largest pharmaceutical industry in the world by volume.
Statement 2: Branded drugs form the largest segment of the pharmaceutical industry in India.
Statement 3: 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.
Explanation:
1. India has the largest pharmaceutical industry in the world by volume.
- This statement is correct. India is one of the largest producers of pharmaceuticals in the world. It is known for its generic drug manufacturing and export capabilities. The Indian pharmaceutical industry supplies a significant portion of the global demand for generic drugs.
2. Branded drugs form the largest segment of the pharmaceutical industry in India.
- This statement is incorrect. In India, the generic drugs segment forms the largest segment of the pharmaceutical industry. Generic drugs are copies of branded drugs that have the same active ingredients, dosage form, strength, and route of administration. They are usually sold at a lower price compared to branded drugs.
3. 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.
- This statement is incorrect. As per the current Foreign Direct Investment (FDI) policy in India, 100% FDI under the automatic route is permitted for the pharmaceutical sector. This includes both brownfield (existing pharmaceutical companies) and greenfield (new projects) investments. The automatic route allows foreign investors to invest in the sector without requiring prior approval from the government.
In conclusion, only statement 1 is correct. India has the largest pharmaceutical industry in the world by volume. Statement 2 is incorrect as generic drugs form the largest segment of the pharmaceutical industry in India. Statement 3 is incorrect as 100% FDI under the automatic route is permitted for both brownfield and greenfield investments in the pharmaceutical sector.
Statement 2: Branded drugs form the largest segment of the pharmaceutical industry in India.
Statement 3: 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.
Explanation:
1. India has the largest pharmaceutical industry in the world by volume.
- This statement is correct. India is one of the largest producers of pharmaceuticals in the world. It is known for its generic drug manufacturing and export capabilities. The Indian pharmaceutical industry supplies a significant portion of the global demand for generic drugs.
2. Branded drugs form the largest segment of the pharmaceutical industry in India.
- This statement is incorrect. In India, the generic drugs segment forms the largest segment of the pharmaceutical industry. Generic drugs are copies of branded drugs that have the same active ingredients, dosage form, strength, and route of administration. They are usually sold at a lower price compared to branded drugs.
3. 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.
- This statement is incorrect. As per the current Foreign Direct Investment (FDI) policy in India, 100% FDI under the automatic route is permitted for the pharmaceutical sector. This includes both brownfield (existing pharmaceutical companies) and greenfield (new projects) investments. The automatic route allows foreign investors to invest in the sector without requiring prior approval from the government.
In conclusion, only statement 1 is correct. India has the largest pharmaceutical industry in the world by volume. Statement 2 is incorrect as generic drugs form the largest segment of the pharmaceutical industry in India. Statement 3 is incorrect as 100% FDI under the automatic route is permitted for both brownfield and greenfield investments in the pharmaceutical sector.
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Consider the following statements with respect to the Indian Pharmaceuticals Industry:1. India has the largest pharmaceutical industry in the world by volume.2. Branded drugs form the largest segment of the pharmaceutical industry in India.3. 100% FDI under automatic route is permitted for the Greenfield pharmaceutical sector only.Which of the statements given above is/are correct?a)3 onlyb)1 and 2 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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