Indian Pharma sector on a positive trajectory, to reach $20 billion mark: ASSOCHAM Study
New Delhi, Dec 27 (KNN) The Indian pharmaceutical exports are likely to touch 30 per cent compound annual growth rate (CAGR) and witness $20 billion in 2020 which is currently $16.5 billion, a study revealed.
The study conducted by ASSOCHAM and UL India informed of the possible graph.
Commenting over the study findings, D.S. Rawat, Secretary General at ASSOCHAM informed that Most of the exports are to be derived from generic drugs.
India is the third-largest global generic Active Pharmaceutical Ingredient (API) in terms of market share and largest provider of generic medicines globally by volume at present, the study observed.
India likely to expect healthy growth in this sector in next several years, the study noted
Since many of the profitable drugs shall be going off patent in the years ahead, this will prove to be boom for this sector as Indian companies can manufacture these drugs and capture high revenues by developing their own pharmaceuticals through robust R&D to expand globally.
Listing the possible areas of focus for the domestic industry, the study noted that from being the local generic drugs providers the sector should aim at becoming global standard manufacturers. (KNN/MG)