Already the world’s third-largest manufacturer of medicines by volume, India has one of the lowest manufacturing costs globally.
through both government-funded initiatives and under the Covax platform.
"Till then, India will need to import APIs substantially from China. Reducing import dependence is important for reducing disruptions in India's pharma supply chain," Palit said. "We will probably do better with low volume, by focusing on niche APIs than with high volume ones," he said, adding that a lot of other chemical processes in the manufacturing cycle would also have to be moved to India to cut costs in the long run.
"Blind offshoring is now becoming 'friendshoring,'" Choudhary said, explaining"friendshoring″ to mean the outsourcing of business operations to countries that have a similar political system, and with whom there is a "history of peace".
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