Page 7 - Indian Transport & Logistics News July - August 2024 Issue for Website

he Indian pharmaceutical
industry, often referred to as the
"pharmacy of the world," has
Testablished itself as a global
powerhouse in drug manufacturing and
export. However, the success of this
sector hinges not only on production
capabilities but also on the intricate web
of logistics that ensures medicines reach
patients safely and efficiently. As India
continues to expand its role in the global
pharmaceutical market, the importance of
a robust, reliable, and innovative logistics
infrastructure cannot be overstated.
India's pharmaceutical industry has
experienced remarkable growth over the Armed with our robust
past few decades, cementing its position infrastructure of over
as a key player in the global healthcare 4,000 vehicles and 100+
landscape. Statista forecasts that revenue cold storages across
from the domestic pharmaceutical market 600+ cities in India, our
is set to reach $13.16 billion in 2024. company is strategically
This growth is driven by factors such
as increasing healthcare awareness, positioned to expand
rising incomes, expanding healthcare beyond hyperlocal
infrastructure, and government initiatives to deliveries into longer-
improve healthcare access. It further says distance pharmaceutical
that India's pharmaceutical market size is transport.
projected to reach $450 billion by 2047. As
of June’s report, the Indian pharmaceutical Swarup Bose
market delivered a healthy revenue growth Celcius Logistics
of 8.8% year-on-year.
Not only in terms of market size but The pharmaceutical logistics sector
also in manufacturing and export, India in India is a complex ecosystem involving
is one of the biggest global suppliers of multiple stakeholders, including
low-cost vaccines, producing 60% of the manufacturers, distributors, retailers,
world's supply. According to a report by the and third-party logistics providers. This
Government of India, the country is also network is responsible for ensuring
the largest provider of generic medicines that drugs are transported and stored
globally, occupying a 20% share in the under optimal conditions, maintaining
global supply by volume. The industry their efficacy and safety from production
manufactures about 60,000 different generic facilities to the end-users.
brands across 60 therapeutic categories. According to a report by Inkwood
India's pharmaceutical exports surged by research, the Indian pharmaceutical
9.67% to $27.9 billion in 2023-24, despite logistics market is projected to grow at a
a 3% dip in total exports, according to data CAGR of 9.00% during the forecast period of
from the the ministry of commerce. 2024-2032. By 2032, it is expected to reach
India exports pharmaceuticals to over a revenue of $7.61 billion.
200 countries. It meets over 50% of Africa's This growth is fueled by the expanding
demand for generics, nearly 40% of the pharmaceutical industry, increasing demand
generic demand in the US, and approximately for temperature-sensitive drugs, and the
25% of all medicines in the UK. rise of e-pharmacy platforms. The sector
In addition, the pharmaceutical sector has seen significant developments in recent
has become a prime destination for foreign years, particularly in cold chain logistics.
investors and has emerged as one of the This growth is also driven by the increasing
top ten most attractive sectors for foreign production and export of vaccines and
investment in India. biopharmaceuticals, which require stringent
5
www.itln.in July - August 2024