India’s growth in this market is not only indicative of its acknowledged strengths (generics) in Pharma but is also a reflection of a thriving healthcare sector and improving healthcare standards in the country. The Indian Pharma industry has performed consistently despite the global slowdown. Patented drugs worth USD 255 Billion going off patent between 2011 to 2016, market creations activities done by Pharma companies, increasing rural penetration in terms of healthcare infrastructure, increase in lifestyle diseases, availability of technical & skilled workforce, increase in healthcare spends, lower cost of productions are some of the factors driving India’s Pharmaceutical growth.
The global pharmaceutical industry is facing moderate growth over the next five years, marked by a rebound in US pharmaceutical growth and strong, but slower growth from emerging markets. At the same time, specialty products have and are expected to assume a greater role in new product growth, a trend that is shifting the balance of market share among the large pharmaceutical companies and mid-sized pharmaceutical companies.
Some of the initiatives of Government of India like bringing out a comprehensive IPR Policy, robust Foreign Trade Policy (which would include incentives for domestic value-added products, new rules for SEZs), as well as “Make in India” program for the Pharmaceutical sector in which special focus is on ease of doing business, creation of supporting the infrastructure (Industrial corridors, industrial clusters, nurturing innovations and skill development) would definitely give the required boost to the Indian pharmaceutical industry to take the next giant leap in the global scenario.
Looking forward, the industry through all its stakeholders- public and private sector alike- needs to look at strategies that will strengthen its path of progress. The CII Pharmaceuticals Conclave intends to be the right platform to facilitate such a convergence.