India: Global Pharma Ranking Report Predicts India's Pharma Industry to Show Strongest Growth in 2019
CPhI & P-Mec India is set to open its doors to more than 40,000 attendees from more than 120 countries and 1,500 exhibitors, as new analysis shows a strong improvement in India’s global reputation. The India specific findings of the CPhI Annual Report highlight that India has seen significant jump across all categories, improving its overall score by a massive 11.06 % in a single year.
Amsterdam/The Netherlands; Delhi/India — The country showed the largest gains in terms of perceived ‘quality of API’ and ‘finished product’ manufacturing, proving that industry efforts to align standards more closely with the USA and Europe have clearly been noted. But perhaps most significantly, these efforts are also being transferred into reported growth potential for 2019, with India forecast to grow faster than all other major pharma economies, scoring an average of 7.16 — placing it ahead of the USA (7.04) and China (6.81). Survey respondents cited India’s ‘high-growth domestic market’ and ‘expanding manufacturing exports’ as the major drivers. The rise in exports growth potential is believed to be in response to concerted reforms by the CDSCO (Central Drugs Standard Control Organisation) and industry quality improvements in the last few years.
Such was the confidence in India’s pharma market, the nation was ranked joint second for ‘overall competitiveness’ of its pharma industry. India scored an average of 6.53, placing it behind only the US (6.98) and level with Germany (6.53). In addition to this, India saw the largest percentage shift in score for quality of finished formulations, improving by 14.72 % since 2017. Most impressively, should the same change be seen in 2019, the country’s reputation for finished product manufacturing will likely see it achieve parity with many European nations (who’s scores have remained the same year-on-year) — a dramatic improvement on just a few years ago.
With these hugely positive results as its backdrop, the 12th Annual CPhI & P-Mec India will take place on 12th - 14th December 2018, alongside India Pharma week (9th - 14th December). To help further drive forward the market’s growth potential, the event has moved to the Indian capital, taking place at Delhi’s India Expo Centre, Greater Noida, and will return to single venue format. These changes are expected to bring a wider international audience, help more closely integrate vital regulatory pathways into the events content, and allow an even more diverse cross-pollination of partnerships — meaning visitors can meet with API suppliers, distributors, contract providers and machinery specialists all in the same morning.
In keeping with the international nature of this regional hub, India Pharma Week once again returns for its third edition, with five events running from December 9 until the 14 — including the Pharma Connect Congress, the India Pharma Awards, CEO Roundtable, Networking Evening and Women in Pharma panel amongst others.
Highlights from this year’s pharma connect congress include sessions on topics as diverse as ‘transforming the pharma industry architecture through collaborations’, ‘strategies to strengthen regulatory policies in India’, ‘efficient clinical trial data management’, ‘winning with biosimilars’ and ‘leveraging latest innovations in technology’. Finally, this year will also feature the third annual Women in Pharma Summit, which will deliver keynote addresses and panel discussions revolving around leadership, entrepreneurship and gender diversity.