New York, US – December 21, 2020 – In 2019, India exported nearly $19 billion worth of pharmaceuticals to more than 200 countries. Indian pharma having an almost 15% of the global share and 85% of domestic.
India is also the third most popular destination for medical tourism, constituting more than 18 percent of the global medical tourism market and expected to grow to $9 billion and 20% of the market share by 2020. But the Covid-19 pandemic frozen the whole medical tourism market.
Doctor D.Singh from BonHoa Pharmacy says that only 6 patients have been coming to India for treatment since April, when COVID-19 started spreading across the world. “We have no revenue after government lockdown, but our expenses are still there,” Our Kazakhstan customer with serious psoriatic arthritis who cannot afford the apremilast price, can not back to India to continue his treatment with Aprezo (a generic apremilast costs only 80USD per month in India), says D.Singh. “I don’t think medical tourism will get back to normalcy until June 2021 after United States and Europe customers are vaccinated.
India is not only the biggest supplier for generic pharmaceutical drugs and an important medical tourism destination, but also the word’s biggest vaccine suppliers, which accounts for about 60 percent of market share.
Serum Institute, which is the world’s largest vaccine supplier by number of doses produced and sold to 170 countries. The company already produced 50 million doses Oxford-AstraZeneca vaccine and can produce 500 doses of coronavirus vaccine per minute. As the SEO Adar Poonawala said they will produce 400 million coronavirus vaccine in 5 months to save countless lives.
According to the related report, Pfizer/BioNTech vaccine will selling for about 20 USD per dose, but vaccines made in India will be much cheaper–about $3-$6 per dose (including Oxford-AstraZeneca).
The Covid-19 crisis provides an opportunity to the Indian pharmaceutical industry to play an even more important role in ensuring global drug supply-security with its reasonable cost and capacity.