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India Will Be 13th Largest Medicine Market Globally
Jun 25, 2007

The Indian pharma retailing business is projected to be of about Rs 30,000 crore as it is unorganized and is largely in the hands of traders in the West.

The next big opportunity everybody is trying to cash in on is Pharma retailing. From local pharma makers to global pharma giants, they all are trying to get a part of the pie. Maharashtra state chemists association president said that it was a big challenge to shape up his organization as a corporate entity.

According to the president's view, chemists would have to go ahead of their traditional pasts and thus, give value added services because more and more business houses are planning a direct presence in pharma retailing in India. The Indian pharma retailing business is projected to be of about Rs 30,000 crore. It is unorganized and is largely in the hands of traders in the West.

This is the reason why big corporate and retail chains, such as Pantaloons and Apollo pharmacy, are increasing their drug retailing presence.

Pharma industry experts say that the "Pharmacy chains desire to draw consumers and with the help of better interaction models, the customer will be benefited." It is supposed that India shall turn out to be the 13th leading medicine market in dollar terms but all propaganda in pharma retail is going to be through a minefield.

As per RNCOS' research report, "Opportunities in Indian Pharma Sector", India, at present, holds US $6 billion of the $550 billion of world's pharmaceutical market and its part is growing at 10% a year. As compared 7 percent annual expansion for the overall world markets, this figure speaks of a very potential scenario.

Therefore, the US based Medicine Shoppe has branched already into more than 100 shops in approximately six years but it was not a very easy ride. Entering in pharmacy retailing can be a big deal, as profits might come in the business only after staying in it for years.

Related Market Research Reports:
Generic Drug Market in Canada
Insulin Delivery Systems Market Analysis (2007-2010)
Generic Drugs Market in Brazil (2007-2011)