Booming Indian pharmaceutical market is all set to become a global pharma hub due to its value propositions, cost advantage and excellent R&D.
According to market research firm IMS, growing at a CAGR of 12-15%, the Indian pharma market will surpass the global average of 4-7% during 2008-2013, as per the reports published by THE TIMES OF INDIA.
The Indian pharmaceutical growth is set to be stimulated by surging demand in the domestic market along with an increased level of focus from multinational pharma giants for contract research and manufacturing services (CRAMS).
The domestic pharma companies can now attract huge CRAMS opportunities, especially from the European and US pharma companies, because of its high R&D formulation capabilities, value propositions and cost advantage.
Furthermore, due to high prescription sales in the US, it is anticipated that the global pharma market will grow 4-6% in 2010 to reach the value of $825 Billion. The firm expects strengthened prospects for the US market, which, in turn, will generate huge demand for low-cost generics. Industry experts state that it will turn out to be a beneficial factor for the Indian firms.
Recognition of process patents in India in past three decades has lead India emerge as a major supplier of superior generic drugs worldwide.
According to "Booming Pharma Sector in India", a new report by RNCOS, in the fiscal year 2007-08, India registered a total pharmaceutical turnover of over US$15 Billion. The domestic market share was around 53% and the remaining was exported. Moreover, patented drugs, which did not enjoy any presence in India till 2004, are projected to reach US$1.27 Billion next year.
Moreover, currently driven by the vast population base of over one billion, an increasing GDP, and fast epidemiological transformations, the Indian pharmaceutical market is anticipated to become a key player in the pharma market worldwide - both as a pharmaceutical export hub and in terms of possessing huge domestic market.
According to a Research Analyst at RNCOS, "The Indian pharma market is all set to mark its success in the global arena due to its value propositions and excellent R&D supported by cost advantage. The government, however, shall encourage the Public Private Partnership in the pharma sector so as to sustain the current growth rate."
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