India: Pharmaceutical India to be Among Top 3 Pharma Markets by 2020
The Indian Commerce and Industry Minister mentions that there are great opportunities for the Indian pharmaceutical industry in the African and Latin American countries. He also stated that the growing sector will play a crucial role in reaching the country’s goal of becoming a 5 trillion dollar economy.
New Delhi/India – Union Minister of Commerce and Industry of India, Suresh Prabhu, recently stated at a function organised by the Organization of Pharmaceutical Producers of India that India is recognised globally as one of the key players in the field of generic medicines. He also said that by 2020 India is likely to be among the top three pharmaceutical markets by incremental growth and 6th largest market globally in absolute size. The increase in the size of middle class households coupled with the improvement in medical infrastructure in the country will influence the growth of the pharmaceuticals sector.
India is the best destination for research in genomics and their application. He called for a balance between the growth of the pharma sector and protection of consumer interests. Prabhu added that there are great opportunities in African and Latin American countries for the Indian pharmaceutical industry and India has the potential to become a place for holistic solutions in the healthcare sector. The pharma industry will play a key role in driving India to become a 5 trillion dollar economy.
The Indian pharmaceuticals market witnessed growth at a compound annual growth rate (CAGR) of 5.64 per cent, during 2011 to 2016, with the market increasing from 20.95 billion dollars in 2011 to 27.57 billion dollars in 2016. The industry’s revenues are estimated to have grown by 7.4 per cent in 2017.