India has the potential to become the ‘pharmacy of the world’, the government's annual pre-budget Economic Survey said on January 29.

During April-October 2020, India’s pharmaceutical exports of $ 11.1 billion witnessed a growth of 18 percent against $ 9.4 billion in the year-ago period.

"Drug formulations, biologicals have consistently registered positive growth and the highest increase in absolute terms in recent months. This led to a rise in its share to 7.1 percent in April-November 2020 from 5 percent in April-November 2019, making it the second-largest exported commodity among the top 10 export commodities. This shows that India has the potential to be the ‘pharmacy of the world’", the survey said. 

The pandemic exposed the excessive dependence of the Indian pharmaceutical industry on China for sourcing Active Pharmaceutical Ingredients (APIs) and Key Starting Materials, the survey said.

India's pharmaceutical industry is valued at $41 billion and is expected to grow to  $65 billion by 2024 and $ 120-130 billion by 2030.

                    

                Online pharmacy PharmEasy has closed a funding round worth nearly $350 million ahead of filing its draft red herring prospectus (DRHP) before an Initial Public Offering (IPO), according to regulatory documents sourced by ET and people briefed on the matter.

The company has raised around $204 million (more than Rs 1,505 crore) in primary funding from Singapore’s Amansa Capital,Blackstone-backed hedge fund ApaH Capital, US hedge fund Janus Henderson, OrbiMed, Steadview Capital, Abu Dhabi’ ..

                             Two Indian drugmakers have requested permission to end late-stage trials of their generic versions of 

Merck

 NSE -0.09 % & Co's oral antiviral drug molnupiravir for moderate COVID-19, raising questions about how effective the experimental medicine is for that group of patients.

The Indian drug regulator's internal expert committee disclosed on its website that 

Aurobindo Pharma

 NSE .

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