COVID-19 was a global setback that affected a wide range of sectors ranging from business, healthcare, social life, and much more. With its rising setbacks and high mortality rate, its widespread use was an increasing concern and threat on a global scale. The effects of this widespread resulted in a decline in per capita income and employment that made people migrate to their hometowns to seek financial resources.
Though companies globally were focused on developing a vaccine for this disease, the major concern for them was mass production and distribution of the vaccine. Meanwhile, India came up with two indigenous vaccines. The first one being COVEXIN, which is co-developed by Bharat Biotech International Ltd. and Cadila HealthCare Ltd with scientific assistance from government institutions, namely Indian Council of Medical Research and National Institute of Virology ; while the other one is COVISHIELD, which is manufactured by Serum Institute of India Pvt. Ltd. and co-developed by the University of Oxford and AstraZeneca.
Of all the Covid-19 vaccines produced in India, 5.7% of the doses were supplied globally, while the rest 94.3% were used to meet the domestic requirements. Moreover, the global exports of vaccines increased from 1.33% in 2020-21 to 153.8% in 2021-22 (year-on-year basis); while the year-on-year growth in India’s vaccine exports (in terms of value) increased by 48.6% in FY 2021–22 as compared to a negative growth of (-)3.57% in FY 2020–21.
The Indian Vaccine market was valued at INR 132.28 billion in 2022, which is expected to reach INR 357.15 billion by 2028, growing at a CAGR of 18%. With a growth in manufacturing capacities, strengthened supply chain and cold chain infrastructure, it became much easier to streamline the supply of vaccines. This showcases the huge potential of India’s healthcare sector.
Addressing India’s significant role in supplying Covid-19 vaccines globally, Dr. Ashish Jha, White House Coronavirus Response Coordinator, stated “Because of its incredible capacity, India has been a major exporter of vaccines” in one of his news conferences. This displays the immense potential of manufacturing and distribution of the Indian Healthcare sector, which paves an opportunity for leading healthcare brands to seek India as their hub.