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Booming Generics Drug Market in India
The world has witnessed a sharp increase in the demand for cost-effective generic drugs in a decade. In such a scenario, India’s rise as a generic destination is the blessing for people in under developed countries or patients looking for cheap medicines. Strong supply of anti retroviral drugs to African countries by Indian drug manufacturers is a case in point. The after-impact of economic slowdown did not influence the Indian generics sector, and the growth phenomenon continued to remain stable. In future also, factors like patent expiries, investment, and private sector participation will boost the sector and it is estimated that generic drugs market will grow at a CAGR of around 17% between FY 2011 and FY 2013.
Our team of research has found that regions like US, Europe, Japan, and Africa offer immense opportunities to Indian drug manufacturers who already hold a 10.5% share in the US generics market in 2010. Countries in the European and African regions are also the prime consumers for Indian generics medicines. Moreover, an increasing number of FDA, WHO approved plants and agreements between big pharma and domestic generic players all indicate towards improved perception of India as a generics hub.
The Indian generics drug market is surrounded by some key developments that offer huge opportunities as well as threat. Increasing influence of foreign multinationals has become a cause of concern for authorities and market players. At the same time, patent expiries may turn out to be a growth booster. Government support, in such a case, can become an important factor. There are some key trends that have been impacting market development and the report has analyzed them in a prudent manner.
The report, “Booming Generics Drug Market in India” provides an insight into the generics drug market in India and analyzes growth in the sector revenue. It addresses several issues that are of concern and come up with probable solution. The report provides forecast for key areas and uses proper methods and base for the same. The regulatory environment has also been discussed so that clients may acquaint themselves with the government role in the Indian generics sector. Last but not the least, the description, key developments, and strength-weakness analysis of the active market players add value to the overall analysis.