India: Pharma Market to Grow Why Analysts See no End to 'Pharmerging' India's Sucess Story
According to research and consulting firm GlobalData, the pharmaceuticals market in India, valued at US $ 20 billion in 2015, is set to soar to US $ 55 billion by 2020, representing an impressive Compound Annual Growth Rate (CAGR) of 22.4 per cent.
As per the company’s latest report, India’s rapidly growing generics market is the primary driver of the nation’s pharmaceutical sector, with sales expected to soar by nearly 84 per cent to US $ 26.1 billion in 2016. Generic drugs, with their low costs and easy accessibility, now dominate India’s pharmaceutical space, accounting for around 70 per cent of the market.
Senior Industry Analyst, GlobalData, Adam Dion said, “India supplies 20 per cent of the global generic medicines in terms of export volume, making the country the largest provider of generic medicines globally. Indeed, the Indian pharmaceutical companies are now exporting to countries such as Brazil, Mexico, South Africa, Russia and Japan, and, according to India’s Ministry of Commerce and Industry, the nation’s pharmaceutical export segment has more than doubled from 7.8 billion in 2008 to US $ 16.5 billion in 2014.”