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Why India is called as “Pharmacy of the World”?
- a)India is the largest supplier of generic medicines with almost 85 per cent share in the global supply
- b)India ranks second in the number of pharmaceutical research labs in the world
- c)Foreign Direct Investment inflows in the Pharma sector are greater than in any other sector in India
- d)Price competitiveness and good quality have made Indian medicine producers to be dominant players in the world market
Correct answer is option 'D'. Can you explain this answer?
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Why India is called as “Pharmacy of the World”?a)India is the largest...
India as the “Pharmacy of the World”
India has earned the nickname "Pharmacy of the World" due to its significant contribution to the global pharmaceutical industry. The country has emerged as a major player in the production and export of generic medicines. Several factors have contributed to India's dominance in the pharmaceutical sector.
Price Competitiveness and Good Quality
- Indian pharmaceutical manufacturers have gained a reputation for offering medicines at competitive prices without compromising on quality. This has made them preferred suppliers for many countries, especially those with limited healthcare budgets.
- The Indian government has implemented policies that promote the use of generic medicines, which are more affordable than branded alternatives. This has further boosted the demand for Indian pharmaceutical products.
Largest Supplier of Generic Medicines
- India is the largest supplier of generic medicines globally, with almost 85 percent share in the global supply. The country has a vast network of pharmaceutical companies, both large and small, that produce a wide range of generic drugs.
- The Indian pharmaceutical industry is known for its cost-effective manufacturing processes, which enable the production of high-quality generic medicines at affordable prices.
Foreign Direct Investment (FDI) Inflows
- The pharmaceutical sector in India has attracted significant foreign direct investment. FDI inflows in the pharma sector are greater than in any other sector in India. This reflects the confidence of international investors in the Indian pharmaceutical industry.
- The availability of skilled manpower, a robust regulatory framework, and a favorable business environment have made India an attractive destination for pharmaceutical companies.
Research and Development (R&D) Capabilities
- India ranks second in the number of pharmaceutical research labs in the world. The country has a strong focus on research and development, which has led to the development of new drugs and therapies.
- Indian pharmaceutical companies invest a significant portion of their revenue in R&D activities. This has helped them develop a portfolio of innovative medicines and expand their presence in the global market.
Conclusion
India's reputation as the "Pharmacy of the World" is a result of its large-scale production and export of generic medicines, price competitiveness, good quality, significant FDI inflows, and strong R&D capabilities. The country's pharmaceutical industry plays a crucial role in providing affordable healthcare solutions to people around the world.
India has earned the nickname "Pharmacy of the World" due to its significant contribution to the global pharmaceutical industry. The country has emerged as a major player in the production and export of generic medicines. Several factors have contributed to India's dominance in the pharmaceutical sector.
Price Competitiveness and Good Quality
- Indian pharmaceutical manufacturers have gained a reputation for offering medicines at competitive prices without compromising on quality. This has made them preferred suppliers for many countries, especially those with limited healthcare budgets.
- The Indian government has implemented policies that promote the use of generic medicines, which are more affordable than branded alternatives. This has further boosted the demand for Indian pharmaceutical products.
Largest Supplier of Generic Medicines
- India is the largest supplier of generic medicines globally, with almost 85 percent share in the global supply. The country has a vast network of pharmaceutical companies, both large and small, that produce a wide range of generic drugs.
- The Indian pharmaceutical industry is known for its cost-effective manufacturing processes, which enable the production of high-quality generic medicines at affordable prices.
Foreign Direct Investment (FDI) Inflows
- The pharmaceutical sector in India has attracted significant foreign direct investment. FDI inflows in the pharma sector are greater than in any other sector in India. This reflects the confidence of international investors in the Indian pharmaceutical industry.
- The availability of skilled manpower, a robust regulatory framework, and a favorable business environment have made India an attractive destination for pharmaceutical companies.
Research and Development (R&D) Capabilities
- India ranks second in the number of pharmaceutical research labs in the world. The country has a strong focus on research and development, which has led to the development of new drugs and therapies.
- Indian pharmaceutical companies invest a significant portion of their revenue in R&D activities. This has helped them develop a portfolio of innovative medicines and expand their presence in the global market.
Conclusion
India's reputation as the "Pharmacy of the World" is a result of its large-scale production and export of generic medicines, price competitiveness, good quality, significant FDI inflows, and strong R&D capabilities. The country's pharmaceutical industry plays a crucial role in providing affordable healthcare solutions to people around the world.
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Why India is called as “Pharmacy of the World”?a)India is the largest...
- Indian Pharmaceutical industry ranks third in the world in pharmaceutical production by volume. During 2020-21, total pharma export US$ 24.4 Bn against the total pharma import of US$7.0Bn, thereby generating trade surplus of US$17.5 Bn. India is the largest supplier of generic medicines with a 20 percent share in the global supply. So, Option (a) is not correct.
- Medical Research is dominated by United States followed by United Kingdom and Germany. So, Option (b) is not correct.
- Computer software and hardware sector attract the highest FDI in India. So, Option (c) is not correct.
- Economic Survey 2021-22 pointed out that, Although price competitiveness and good quality have enabled homegrown medicine producers to be dominant players in the world market, thereby making the country the 'Pharmacy of the World, India is significantly dependent on the import of bulk drugs that are used in the formulation of medicines. So, Option (d) is correct.
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Why India is called as “Pharmacy of the World”?a)India is the largest supplier of generic medicines with almost 85 per cent share in the global supplyb)India ranks second in the number of pharmaceutical research labs in the worldc)Foreign Direct Investment inflows in the Pharma sector are greater than in any other sector in Indiad)Price competitiveness and good quality have made Indian medicine producers to be dominant players in the world marketCorrect answer is option 'D'. Can you explain this answer?
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Why India is called as “Pharmacy of the World”?a)India is the largest supplier of generic medicines with almost 85 per cent share in the global supplyb)India ranks second in the number of pharmaceutical research labs in the worldc)Foreign Direct Investment inflows in the Pharma sector are greater than in any other sector in Indiad)Price competitiveness and good quality have made Indian medicine producers to be dominant players in the world marketCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Why India is called as “Pharmacy of the World”?a)India is the largest supplier of generic medicines with almost 85 per cent share in the global supplyb)India ranks second in the number of pharmaceutical research labs in the worldc)Foreign Direct Investment inflows in the Pharma sector are greater than in any other sector in Indiad)Price competitiveness and good quality have made Indian medicine producers to be dominant players in the world marketCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why India is called as “Pharmacy of the World”?a)India is the largest supplier of generic medicines with almost 85 per cent share in the global supplyb)India ranks second in the number of pharmaceutical research labs in the worldc)Foreign Direct Investment inflows in the Pharma sector are greater than in any other sector in Indiad)Price competitiveness and good quality have made Indian medicine producers to be dominant players in the world marketCorrect answer is option 'D'. Can you explain this answer?.
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