How is Indian pharmaceutical industry affected by WTO ?

The World Trade Organization (WTO) has had a significant impact on the Indian pharmaceutical industry. Some of the key ways in which the WTO has affected the industry are:

Intellectual property rights: The WTO's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) has required India to implement stronger intellectual property laws and enforce them more effectively. This has led to an increase in the cost of pharmaceuticals, as companies have been able to charge higher prices for their patented products.

Market access: The WTO has opened up the Indian market to foreign pharmaceutical companies, allowing them to sell their products in India. This has increased competition in the market, which has led to lower prices for some drugs. However, it has also put pressure on domestic pharmaceutical companies, as they have had to compete with larger, more established multinational companies.

Export opportunities: The WTO's rules on trade have also provided Indian pharmaceutical companies with new opportunities to export their products to other countries. This has allowed them to expand their market reach and increase their revenues.

Regulatory standards: The WTO has also required India to adopt international regulatory standards for the pharmaceutical industry, including standards for the manufacture and testing of drugs. This has helped to improve the quality of pharmaceuticals in India, but it has also increased costs for domestic companies.

Overall, the impact of the WTO on the Indian pharmaceutical industry has been mixed. While it has brought new opportunities and improved standards, it has also increased costs and intensified competition