Indian Pharmaceutical industry may touch $55 billion by 2020
As the New Year is round the corner, market experts predict bright future of Indian pharmaceutical industry. As per the Mc Kinsey report of India Pharma 2015, the pharma industry has immense opportunities and is poised to grow to $24 billion by 2015 and would reach upto $55 billion by 2020.
Unleashing the market potential through discussions by the Pharma Industry experts, it was found that Metro and Tier-I city markets will make significant contributions to the growth of the industry, driven by rapid urbanisation and greater economic development.In fact, the hospital segment will increase its share and is expected to grow upto 25 per cent of the market in 2020.
Commenting on the matter, Dr BP Nagori, Vice President- Central APTI, President IPA, Rajasthan said, “As per the PwC study Indian pharma Inc. the industry is likely to be in the top 10 global markets in value terms by 2020. The overall credit for this development goes to growth factors such as new market creations, growth in the SME sector, enhanced medical infrastructure, pace of innovation in business models, rising consumer incomes and many more. However, with these growing trends the industry is facing many challenges such as need for better talent in the industry, rising customer expectations and restricted discovery and developing process.”
He was addressing a seminar a National Seminar on Perspectives in Pharmaceutical Industry: Response of Pharma Education, conducted by India’s globally recognised and leading healthcare research institutions’ of the country, Indian Institute of Health Management Research (IIHMR), Jaipur.
The seminar concluded with key aspects being discussed such as, Changing Global Regulatory Environment, Opportunities and Challenges in Pharmaceutical Industry, Collaborative Links between Pharma Industry and Academia for Fostering Mutual Growth and Development, Expected Changes In Pharmaceutical Industry 2015 - 2020 and How Educational Institutions Should Gear Up to Meet the Challenges.
Reportedly, the Union Ministry of Commerce has proposed an ambitious Strategy Plan to double pharmaceutical exports from $10.4 billion in 2009-10 to $25 billion by 2013-14. The Government has also planned a 'Pharma India' brand promotion action plan spanning over a three-year period to give an impetus to generic exports.