Topic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.
5. India enjoys an important position in the global pharmaceuticals sector. Analyse the strength and weaknesses of India in this sector. Suggest steps to overcome the weaknesses. (250 words)
Difficulty level: Moderate
Reference: Financial Express , moneycontrol.com
Why the question:
Indian pharma exports have registered a growth of 103 percent since 2013-14. This happens to be Pharma Sector’ best export performance ever till 2021-22.
Key Demand of the question:
To have a good understanding of the strengths and weaknesses in the pharmaceutical industry and to suggest adequate measures to address the issues.
Directive word:
Analyse – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary.
Structure of the answer:
Introduction:
Begin by highlighting the extent of pharmaceutical industry in India.
Body:
First, mention the potential of pharma industry – India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in the UK. Globally, India ranks 3rd in terms of pharmaceutical production by volume and 14th by value.
Next, write about the limitations.
Next, give a point by point analysis of major areas of reforms needed such as revising the age old The New Drugs, Cosmetics and Medical Devices Act, need to bring in a regulatory structure in the context of e pharmacy and teleconsultations, better clarity in the issue of Licenses as per Drugs and Cosmetics Act (DCA) of 1940 etc.
Conclusion:
Conclude by saying that India should focus on a comprehensive, clear and concise regulatory structure meeting the needs of the new age pharmaceutical industry.
