April 22, 2024

Gujarat’s Pharmaceutical Companies of Set to Enter the Next Phase of Growth

2 min read

Ahmedabad (Gujarat) [India], March 6: Gujarat has approximately 30 per cent contribution to India’s total pharma exports and boasts a one-third share of total pharmaceutical production with a large number of pharma companies actively operating in the state. As a result, Gujarat’s pharmaceutical industry is now poised to enter the next phase of aggressive expansion and strong growth beyond a shadow of a doubt.

Gujarat has always been a frontrunner in the pharmaceutical industry in India. Earlier, there was more dependence on Chinese companies for the production of Active Pharmaceutical Ingredients (APIs). But now, as a result of favorable government policies and encouragement, many companies have started planning to open API manufacturing units in the state; and surprisingly, some companies have already started operations. Notably, API prices increased significantly due to supply chain disruptions during Covid times. However, now that Gujarat is leading the API production, drug prices are expected to drop.

Mahadevbhai Patel, Director of Kashmik Formulations Pvt Ltd and a leader in the manufacturing of state-of-the-art quality medicines as per WHO, GMP and EU-GMP standards, said, “ As a responsible and quality-focused company, we are committed to emphasizing upon research and innovation to meet the pharmaceutical needs of not only India but across the world. All over the world, the Indian pharmaceutical industry has established a unique identity through a wide range of products, innovation, research and development. According to me, the availability of robust infrastructure, ease of doing business and regulatory encouragement in Gujarat have led to the rapid growth of the pharmaceutical industry.”

He further added that after overcoming the hurdles posed by Covid-19, the pharmaceutical companies of the state are now poised to enter the next phase of growth. Over the past few years, it has been noticed that many companies have introduced new products as well as expanded aggressively. This will no doubt help the country to become self-reliant and create new employment opportunities as well as reduce the dependence on foreign countries.”

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