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Time of India
18-05-2025
- Business
- Time of India
India's pharma industry grows 7.8% in April; government says, 'success of smart schemes'
AI-generated image NEW DELHI: India's pharmaceutical industry continues its rapid ascent on the global stage, driven by affordability, innovation, and inclusivity. Thesector recorded a 7.8 per cent year-on-year growth in April 2025, according to India Ratings, part of the Fitch Group, as quoted by Press Information Bureau (PIB) on Sunday. This growth reflects continued strong domestic demand and the introduction of new products. The country ranks third in the world in pharmaceutical production by volume and 14th by value. It is the largest global supplier of generic medicines, meeting 20 per cent of worldwide demand. India also plays a vital role in vaccine production, supplying 55 to 60 per cent of Unicef's global vaccine needs. In 2023–24, the pharmaceutical sector recorded a turnover of Rs 4,17,345 crore, sustaining an annual growth rate exceeding 10 per cent over the last five years. The growth of this sector has led to greater access to affordable medicines, improved healthcare services and the creation of employment opportunities across the country, from urban manufacturing hubs to rural research facilities, according to the government that cited a series of policy initiatives introduced in recent years as a factor for these advances."The Pradhan Mantri Bhartiya Janaushadhi Pariyojana ( PMBJP ) runs 15,479 Jan Aushadhi Kendras, offering generic medicines at prices up to 80% lower than branded ones," it said adding that these stores provide quality generic medicines at prices up to 80 per cent lower than branded alternatives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo The government further claimed that the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, with an outlay of Rs 15,000 crore, is supporting 55 projects focused on producing high-value drugs for conditions such as cancer and diabetes. Another PLI scheme worth Rs 6,940 crore targets the domestic production of key drug ingredients, including Penicillin G, in order to reduce reliance on imports. A separate allocation of Rs 3,420 crore under the PLI scheme for medical devices is driving the local manufacture of advanced equipment such as MRI machines and cardiac implants, was further stated in the report. Further boasting about the pharma sector growth claim, it added, "Then there's the Promotion of Bulk Drug Parks scheme with Rs 3,000 crore building mega hubs in Gujarat, Himachal Pradesh and Andhra Pradesh to make medicines cheaper and faster. The Strengthening of Pharmaceuticals Industry (SPI) Scheme with Rs 500 crore, funds research and upgrades labs, helping Indian companies compete globally. These efforts mean medicines are made in India, for India and for the world keeping costs low and quality high. " India's pharmaceutical products continue to play a crucial role in international healthcare. The country supplies 99 per cent of the World Health Organization's demand for DPT (Diphtheria, Whooping cough and Tetanus) vaccines, 52 per cent for the BCG vaccine used against tuberculosis, and 45 per cent for measles vaccines. Foreign investors have also shown strong confidence in the Indian pharmaceutical sector. In 2023–24, foreign direct investment in the sector reached Rs 12,822 crore. The country allows 100 per cent foreign investment in medical devices and new pharmaceutical projects, making it an increasingly attractive destination for international enterprises. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
27-01-2025
- Business
- Yahoo
Chinese Commodities Firms Bear the Brunt of a Slowing Economy
(Bloomberg) -- Chinese industrial profits show commodities producers ending 2024 at the bottom of the pile. This year's looking no better. What Happened to Hanging Out on the Street? Vienna Embraces Heat Pumps to Ditch Russian Gas Billionaire Developer Caruso Slams LA Leadership Over Wildfires How Sanctuary Cities Are Preparing for Another Showdown With Trump Hoboken PATH Station Will Close for Almost a Month on Jan. 30 Crude oil processors, steelmakers and coal miners were the country's least profitable enterprises during a tough year for industry that could get worse if a trade war erupts with the US. Overcapacity has compounded the impact of China's slowing growth on these stalwarts of the old economy, while shifts in energy policy have also weakened the outlook. Although cheaper commodities are helping to reduce costs for industry, they're also entrenching the deflationary pressures affecting downstream businesses. China's industrial profits as a whole dropped 3.3% in 2024, according to data from the statistics bureau on Monday. Oil refining, the worst-performing sector, faces shrinking demand for fuels like gasoline and diesel as the economy gets greener and transport becomes increasingly electrified. That's likely to cap run rates and force some capacity to close. Refining was the only major industry to post a cumulative loss in 2024, which amounted to 46 billion yuan ($6.3 billion), according to the statistics bureau. Steel margins have been underwater for much of the year. Mills are churning out too much metal because new areas of consumption are failing to fully offset demand lost to the country's protracted property crisis. Iron and steel profits fell 55% in 2024, the bureau said, although some improvement was noted in December. Coal miners are also overproducing relative to demand, but in this case they're being encouraged to do so by a government fixated on energy security. BMI is among those forecasting another increase in output this year, which is expected to rise 2% from the record 4.76 billion tons mined in 2024, according to a note from the Fitch Group unit last week. Coal profits dropped 22% last year. Addressing overcapacity has become a priority for the authorities. An oil refining cap of 1 billion tons comes into play this year, while steel output has edged lower this decade after being tied to emissions, although it remains stubbornly above 1 billion tons. Other bloated sectors, including solar equipment makers and copper smelters, are attempting to enforce their own supply discipline. On the Wire China's factory activity unexpectedly contracted in January as production wound down ahead of China's eight-day Lunar New Year holiday. China's carbon emissions grew slightly last year as new clean power installations couldn't keep pace with a surge in energy demand, according to the Centre for Research on Energy and Clean Air. China's electricity demand is becoming a key focal point in the global fight against climate change. China's government is turning to the country's citizens to help pull the world's second-biggest economy out of a rut. If only it were so simple. China's government failed to meet its spending target for last year, as the housing market slump left local governments strapped for cash and unable to meet funding commitments. This Week's Diary (All times Beijing unless noted.) Monday, Jan. 27: China's industrial profits for December, 09:30 China's official PMIs for January, 09:30 China's monthly medium-term lending rate Tuesday, Jan. 28: Mainland China's lunar holiday begins and runs through Feb. 4 Wednesday, Jan. 29: Hong Kong is on holiday through Jan. 31 Forget Factories, Small US Towns Want Buc-ee's Gas Stations The CDC Won't Give the Public a Full Picture of Fertility Treatment Risks Elon Musk's Inaugural Highs (and Lows) How Kendrick Lamar Turned Beef With Drake Into Music Superstardom Greek Police Say Eggs Were Stolen from IVF Clinic Patients ©2025 Bloomberg L.P. Sign in to access your portfolio
