India is among the leading producer and suppliers of vaccines globally. Vaccines are chemical preparations that include immunization to a variety of diseases. They are made up of an agent that is similar to a disease-causing pathogen. Vaccines are used to combat various viruses such as polio, measles, influenza, coronavirus, and rabies, among others. They are given orally, by aerosol, or by injection.
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Since the cost of production and clinical trials in India are lower than in other developing and developed economies, it accounts for around 60% of the total vaccines supplied to UNICEF. Furthermore, the technical advancements and expanded cold chain storage facilities have boosted India’s vaccine production capability. The major factor that is driving the Indian vaccine market includes strong government support to the manufacturers, which has resulted in considerable market development over the years. Additionally, several government-funded programs have raised public concern about health issues. For instance, the government’s Universal Immunization Program (UIP) launched in India in 1985, which aims to expand immunization to provide coverage against vaccine-preventable diseases in the world, has greatly increased vaccine demand. The program consists of vaccination of 12 diseases including tuberculosis, diphtheria, pertussis (whooping cough), tetanus, poliomyelitis, measles, hepatitis B, diarrhea, Japanese encephalitis, rubella, pneumonia (Haemophilus influenza type B), and Pneumococcal diseases (pneumococcal pneumonia and meningitis). Pneumococcal diseases were added to UIP in 2017.
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Apart from it, healthcare has become one of India’s largest sectors, in terms of revenue and employment. Healthcare includes research & development, hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The healthcare sector of India is growing rapidly due to its strengthened coverage, services, and increasing expenditure by public and private players. The country also has a large pool of scientists and engineers, who can propel the industry growth to greater heights.
In addition, vaccine packaging capability and cold chain storage facilities have since improved as a result of technological advances. The emergence of a variety of privately owned firms in India has also positively influenced the Indian vaccine industry. Such companies have attempted to provide low-cost options and are increasingly shifting their focus to creativity to increase sales. As a result of these reasons, India has become a major vaccine manufacturing center.
Key drivers for the vaccine market in India
- Relatively Low Cost of Manufacturing
- Reasonable Research & Development Expenditure
- Low Cost of Clinical Trials
- Availability of Skilled Manpower and Scientists
- A Large, Local Consumer Base
- Assistance from the Relevant Government Bodies
- Export Oriented Production
- Foreign Direct Investment (FDI)
Some initiatives are taken by the government to promote the vaccine industry in India include-
- In March 2021, India’s partners in the ‘Quad’ grouping including the US, Japan, and Australia, have agreed to assist increase their manufacturing and supplying facility. This will assist India in several ways, including the manufacturing sector will have more FDI, and the co-operation of the supply chain will assist in strengthening India-Australia ties, and ease the dependence on the import of pharmaceutical ingredients from China.
- The Government of India has unveiled ‘Pharma Vision 2020’ to make India a leader in end-to-end drug manufacturing across the globe. Additionally, the approval time for new facilities has been reduced to boost investment.
- According to the Economic Survey in 2020, the government expenditure increased to 1.6% (% of GDP) in FY20 from 1.2% in FY15 on health.
Key Players’ Strategies
- In November 2020, Indian Immunologicals (IIL) has announced that it has commenced work on Rs.75 crore (US$ 10.17 million) viral antigen manufacturing facility in Genome Valley, Telangana, that will enhance its vaccine production capacity by 35% by October 2021. The company has planned to utilize the facility to manufacture the COVID-19 vaccine.
- In April 2020, the Serum Institute of India has granted more than $400 million to increase the production of the AstraZeneca COVID-19 vaccine. This investment would allow the company to produce around 70 million doses per month.
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