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Amidst the pandemic there is a strong boom in the Pharmaceutical industries of India and the world. Comment on this issue and also mention any steps that have been taken to regulate these industries.

Introduction:

Pharmaceutical Industry in India is world’s 3^rd largest by overall volume. It is valued around $40 billion. This has been enabled by resources like large production capacities, skilled workforce, research & development in the respective field. Domestic and global demands are also at a high due to the pandemic situation.

Body:

To understand the Pharmaceutical industry, difference between the branded and generic medicine is essential. A branded medicine is priced relatively higher because, the medicine is invented by that company and would have incurred a research & development cost. But a generic medicine is priced low since the medicine is a copy of the branded medicine. The effective usage, benefits, side effects, dosage etc are same in both of these medicines.

Due to pandemic there are some drugs which have become very essential such as paracetamol. They are priced differently based on the brand. Thus creating an pseudo-competition in the market. Lack of awareness among people will cause confusion so as to buy which drug and blindly follow the doctors.

Central Drugs Standard Control Organization along with the Ministry of Health & Family welfare are the regulatory agencies in India. The manufacturing, importing, sale comes under the Drugs and Cosmetics act of 1940. In 2018, Medical devices rule came into effect for regulating the prices of medical devices and in vitro diagnostics(IVD). The central licensing authority is the body that regulates importing of all the classes of these devices.

Conclusion:

Out of the pocket healthcare is reduced by these regulatory bodies. Making the medicines affordable for all the classes of people is the need of the hour. Initiatives like PM-Jan Aushadi Yojana through the exclusive outlets have enabled this.