Overview of the Indian Pharma Industry India Plans Pharma–Exports Expansion in Latin America
The Indian pharma industry is smoothly sailing in the global market. As a result of various initiatives from the Government of India and other organizations, the industry is expected to register further growth. Read on to know more about plans and initiatives by the government and the industry.
According to India Brand Equity Foundation (IBEF) the growth of the Indian pharma industry looks positive. The organization notes that the sustained collective efforts being made by the pharmaceutical industry and the government for sustaining the export growth trajectory. The country has made a robust commitment to implement a range of regulatory and quality measures designed to safeguard its increasing market share in the developed economies.
Pharmerging India Plans Expansion in South America
With total global exports of close to $15 billion in 2013–14, around 220 countries are sourcing pharma products from India. Argentina has recently fully opened-up its $6 billion drug market to Indian companies, increasing the scope to supply finished pharmaceuticals formulations.
With the Latin American nation now including India on the list of countries that can supply medicines to the market, India’s current contribution of around eight per cent to the Latin American region is expected to grow substantially in the long term.
An Eight–Billion–Dollar Plan: The Conquest of Export Markets
On a macro level, India’s top 20 pharmaceutical companies are expected to increase capital expenditure (capex) by 40 per cent to over `50,000 crore ($8.3 billion) by 2017–18. The investment is expected to be directed towards greater attention to regulated markets, to take advantage of substantial patent expiries expected in the medium term and an ever increasing demand for generics. The top 20 Indian pharma companies contribute close to two-third of the country’s total pharma exports.