Innovation in healthcare policymaking
The Indian pharmaceutical industry, which is expected to touch $130 billion by 2030, is the largest provider of generic medicines globally, producing 20 percent of world’s medicines. India, called ‘pharmacy to the world’, is the source of 60,000 generic brands across 60 therapeutic categories and home to 3,000 pharma companies with a network of more than 10,500 manufacturing facilities. Despite these promising statistics, the country’s healthcare sector is not in the pink of health. The challenges include skyrocketing out-of-pocket expenditure, pricing of patented drugs, spurious medications and regulatory loopholes.