The Indian pharmaceutical sector is booming rapidly because of the government efforts, CRAMS, and low cost advantage that has made India as the potential global hub.
According to Health Minister Anbumani Ramadoss, due to policy initiatives by the government, India is rapidly emerging as a center of biotech products and its pharma industry is surging high, as per the news published by thaindian, on October 13, 2008.
Further, according to the ministry, the pharmaceutical industry of India is progressing at a rate of 10-15% yearly. With an estimated size of more than Rs. 60,000 Crore, the pharma industry in India is likely to boom at a faster pace.
Moreover, a recent report released by the Confederation of Indian Industry and KPMG stated that India has immense potential in biotechnology sector and by 2010, it is expected to reach the mark of US$ 5 Billion.
The major factor for the phenomenal growth of the Indian pharma industry is Indian Contract Research and Manufacturing Services (CRAMS) industry. CRAMS commenced some years back as a consequence of the ability of India to present itself as a low cost producer and supplier of world class pharmaceutical products and services.
Moreover, India has turned out to be a foremost player in generic medicines because of its ability to significantly widen the reach of less expensive medicines for common Indians as well as people of other developing nations.
Furthermore, the rising international trade, shifting food habits, dietary plans, emergence of new methods of processing and use of latest food and agricultural technology has contributed significantly to the need of medicines and high quality of pharmacy products.
However, the Indian pharma companies are yet to establish themselves in the field of research of drug discovery. But these companies have the potential to emerge as strong players in this new business domain.
According to a Research Analyst at RNCOS, “There are several challenges ahead for the Indian pharma industry to establish itself as global hub and ultimate destination for several countries to meet their pharma needs. The foremost issue concerning the Indian pharma industry is to thrash the cost pressure and outshine its rivals. Its success depends upon its ability to add value, increase the offerings of conventional products and to widen its geographic reach in order to serve more number of markets.”
Related Market Research Reports:
Global Pharmaceutical Market Forecast to 2012
Russian Pharma Sector Analysis
Booming Pharma Sector in India
