2023 is an important year for India. The UN estimates that the country has now surpassed China as the world’s most populous nation. It holds the G20 presidency, taken over from Indonesia, and its New Delhi Leader’s Summit in September will be the first one hosted in South Asia. What will these developments mean for India’s role in the international system? India says that it wants to amplify the voice of the Global South, and its G20 goals reflect this ambition. But the nationalist agenda of Narendra Modi’s government, its resistance to multilateralism, and a raft of pressing domestic concerns threaten the chances of making these aims a reality.

India has undoubted strengths. Demography is not destiny, but it is powerful. While China’s population is declining, India’s is projected to continue increasing. Its economy is the fifth largest in the world and growing. The number of young people entering the workforce is increasing, presenting a potential demographic dividend. Realising the benefits, particularly the health returns, will demand investments in health, education, and skilling to address stark regional disparities in wealth, education, reproductive health, and women’s empowerment.

India’s G20 priorities are based around inclusive and resilient growth. They include climate finance; ensuring global food security; accelerated progress on Sustainable Development Goals; access to vaccines, therapeutics, and diagnostics; democratising global financial governance; building global health resilience; and increasing access to digital health innovations. India is also pressing for debt relief for low-income and middle-income countries (LMICs). The steep global rise in the proportion of public spending dedicated to repayment of debt is bound to hamper investment in much-needed health and social programmes. Restructuring international debt conditions with the interests of LMICs in mind is vital for wellbeing.1

Looking more in depth at the pharmaceutical industry, it is noteworthy to underline that India is the largest provider of generic drugs globally and is known for its affordable vaccines and generic medications. The Indian Pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving over time into a thriving industry growing at a CAGR of 9.43% since the past nine years. Generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics are some of the major segments of the Indian pharma industry. India has the greatest number of pharmaceutical manufacturing facilities that are in compliance with the US Food and Drug Administration (USFDA) and has 500 API producers that make for around 8% of the worldwide API market.2

Read more here and here.

References

  1. Lancet. (2023). India’s ascendancy: leadership demands integrity. The Lancet, 401(10387), 1473. https://doi.org/10.1016/s0140-6736(23)00904-2
  2. Pharmaceutical Companies in India, Indian Pharma Industry- IBEF. (n.d.). India Brand Equity Foundation. https://www.ibef.org/industry/pharmaceutical-india

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