According to IBEF 2021, the Indian pharmaceutical industry ranks _____ in the world on the basis of volume.
3rd
Understanding India's Pharmaceutical Industry Ranking by Volume
Let's look at the question about the ranking of the Indian pharmaceutical industry globally based on volume, according to the IBEF 2021 report.
Analysing the Indian Pharmaceutical Industry's Position
The Indian pharmaceutical industry is a significant player in the global market. It is known for producing medicines at a lower cost, especially generic drugs. Reports from various sources, including the India Brand Equity Foundation (IBEF), provide insights into the industry's performance and global standing.
According to the IBEF 2021 data, the Indian pharmaceutical industry held a notable position in the world based on the volume of production. Volume refers to the sheer quantity of medicines produced.
Global Ranking by Volume
Based on the information available from IBEF for the year 2021, India's pharmaceutical industry ranks as the third largest in the world by volume. This means that in terms of the number of doses or units of medicine produced, only two other countries produced more than India in that period.
This high ranking in volume highlights India's role as a major global supplier of affordable medicines, often referred to as the "pharmacy of the world". While the ranking by volume is high, the ranking by value (the total monetary worth of the medicines produced) is typically lower, as India focuses heavily on lower-cost generic drugs.
Evaluating the Options
The question asks for the ranking based on volume according to IBEF 2021. Let's check the given options against the information about India's ranking:
- 9th: This ranking is significantly lower than India's actual position by volume.
- 5th: This is also lower than the reported volume ranking.
- 11th: This ranking is much lower than India's position in terms of volume.
- 3rd: This ranking aligns with the widely reported position of the Indian pharmaceutical industry by volume according to IBEF 2021 data.
Therefore, the correct ranking according to IBEF 2021 based on volume is 3rd.
| Basis of Ranking | Global Rank |
|---|---|
| Volume | 3rd |
| Value | Lower than Volume Rank (Typically cited around 11th or 12th) |
Conclusion
Based on the analysis of the information from IBEF 2021 regarding the Indian pharmaceutical industry's global position by volume, the correct rank is 3rd.
Revision Table: Indian Pharma Industry Facts
| Aspect | Details |
|---|---|
| Global Ranking by Volume (IBEF 2021) | 3rd |
| Major Focus | Generic Drugs |
| Role in Global Market | Often called the "Pharmacy of the World" |
| Export Contribution | Significant exporter of medicines globally |
Additional Information: Importance of Volume vs. Value
When discussing the pharmaceutical industry's size and impact, two common metrics are volume and value:
- Volume: This refers to the quantity of physical units produced or consumed, such as the number of tablets, capsules, vials, etc. A high volume ranking indicates large-scale production capacity. India ranks high in volume because it manufactures vast quantities of affordable generic medicines, supplying them globally.
- Value: This refers to the total monetary worth of the medicines produced or sold. Value is influenced by the price of the medicines. Developed countries often rank higher in value even if their volume is lower, because they produce more expensive, patented, or specialized drugs. India's lower ranking in value compared to volume reflects its focus on generics, which are cheaper per unit.
Understanding the difference between volume and value is crucial when interpreting global industry rankings.
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