India to Witness Pharma Boom? Indian Pharma Industry to Witness Fast-Paced Growth
According to the report, ‘India Pharma 2020’ published by McKinsey, the Indian pharmaceutical market is expected to grow to US $ 55 billion by 2020, from a market size of US $ 12.6 billion in 2009, with the potential to reach US $ 70 billion in an aggressive growth scenario.
In a pessimistic scenario characterized by regulatory controls and economic slowdown, the market will be depressed and is expected to reach US $ 35 billion. As per the report, with market diversity on the rise, the drivers of growth have proliferated and become more nuanced. Moreover, the company has identified drivers of growth under four dimensions including epidemiological factors, increasing affordability, enhanced accessibility and rising acceptability.