Explore the evolution of India’s API pharmaceutical industry during Covid-19, highlighting resilience, innovation, and market trends.
The active pharmaceutical ingredients (API) market witnessed remarkable growth, reaching approximately USD 177.05 billion in 2021 and is projected to escalate to USD 258.60 billion by 2027, showcasing a notable CAGR of nearly 7.50 percent between 2022 and 2027.
The onset of the COVID-19 outbreak in 2020 profoundly influenced the API market. Countries and major pharmaceutical players ramped up production to meet the soaring demand for COVID-19 treatments. This global health crisis prompted pharmaceutical companies to reevaluate their operational strategies to cater to a broader patient base. For instance, the United States sought to import hydroxychloroquine (HCQ) for coronavirus treatment from India. Additionally, the pandemic disrupted Canada’s drug supply chain, posing potential challenges for Canadian patients.
The escalating prevalence of chronic ailments is anticipated to further drive drug demand, thereby fostering the expansion of the active pharmaceutical ingredients market the near future.
As stated by the World Health Organization (WHO), cardiovascular diseases are identified as the primary cause of death worldwide, accounting for an estimated annual mortality of 17.9 million individuals.
The Alzheimer’s Association forecasts that by 2020, approximately 5.8 million individuals in the United States will be afflicted with Alzheimer’s disease. This condition stands as the sixth leading cause of death in the country, with a higher incidence observed among individuals aged 65 and above, constituting approximately 5.6 million patients within this demographic.
Moreover, companies are adopting strategic measures to ensure market stability, including the introduction of new drugs and biologics, mergers and acquisitions, collaborative ventures, and geographical expansions. These endeavors are poised to propel market growth in the foreseeable future. For instance, Quartic.ai and Bright Path Labs joined forces in 2020 to pioneer AI-based technology for the continuous manufacturing of critical APIs essential for the production of pivotal small-molecule drugs.
Traditionally, active pharmaceutical ingredients (APIs) have predominantly comprised drugs such as anti-infectives, diabetes medications, cardiovascular agents, analgesics, and pain management drugs. However, recent research and development trends indicate a surge in demand for intricate APIs utilized in innovative formulations targeting specialized therapeutic domains.
Market expansion is hindered by factors like drug price control regulations in various jurisdictions, intense competition among incumbent players, and stringent regulatory frameworks.
Despite challenges, APIs witnessed a significant upsurge in their global market growth rate during the aforementioned period.
API Pharmaceutical
API Pharmaceutical
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