The production of anti-malarial drugs rose by a record 334.3 per cent from Rs 5.4 crore in H1 FY20 to Rs 21.9 crore in H1 FY21.
ICICI Direct said it expects the second half of this fiscal year to reflect the normalisation trend with better execution.
The coronavirus pandemic has devastated almost all corners of the economy; however, the pharma industry has used it as a launchpad. The production of anti-malarial drugs rose by a record 334.3 per cent from Rs 5.4 crore in H1 FY20 to Rs 21.9 crore in H1 FY21, said a report by Care Ratings. The surge in production was led by the recommendation of the ‘National task force for Covid-19’ constituted by the Indian Council of Medical Research (ICMR) to use the anti-malarial drug, hydroxychloroquine for the treatment of a select category of people infected with Covid-19.
However, as the patients refrained from visiting doctors amid the lockdown, the production of other medicines had a fall, but not as much to offset the surge in the anti-malarial drugs. Prime Minister Narendra Modi today said that India will soon have a safe corona vaccine and urged the state governments to start working on cold storage.
In an effort to boost the Indian pharma industry, Chemicals and Fertilizers Minister D V Sadananda Gowda apprised that the government is proactively looking to provide industrial park facilities to grow active pharmaceutical ingredient (API), pharmaceutical, and nutraceutical industry. He added that the Indian pharma industry will continue to play a prominent role as the pharmacy of the world. We are also encouraging innovation in pharmaceuticals and medical devices, he further said.
Meanwhile, in the recent SCO summit, PM Modi said that India’s pharma industry sent essential medicines to over 150 nations in this difficult time of an unprecedented epidemic. The Prime Minister had added that the world’s largest vaccine producing country, India will use its capacity to help entire humanity in fighting the crisis. Earlier, he had also said that vaccines made in India are responsible for two-thirds of the vaccine needs of the world’s children and India’s companies are active in international efforts for the development and production of the Covid-19 vaccine.