Generic drug industry to touch US$ 27.9 billion by 2020: study
Updated: Sep 10, 2015 01:28:19pm
New, Delhi, Sept 10 (KNN) Domestic generic drug market is expected to cross USD 27.9 billion from current level of USD 13.1 billion registering compound annual growth rate (CAGR) of about 16.3 per cent particularly due to approval accorded by US FDA makers and 21 drugs patent losing patent by 2019, according to a study.
The paper ‘Generic Medicines in India- Promulgating Growth & Access,’ jointly conducted by ASSOCHAM and RNCOS said generics would account for 85 per cent share in the domestic pharma market by 2020, fuelled by cheap labour, patent cliff of blockbuster drugs and prevalence of lifestyle diseases.
The domestic pharma market was valued at US$ 15.4 Billion in 2014 and is expected to expand at a CAGR of 13.3 per cent to USD 32.7 Billion by 2020.
Driven by favourable demographics including growing aging population, increasing lifestyle diseases, steep growth in disposable incomes and increasing penetration of Indian drug players in the global market, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, it said.
According to the study, the major export markets for the country’s pharmaceutical products are Americas, Europe, China, Japan and Africa. The US is single largest export destination. It accounts for nearly 28 per cent of Indian pharmaceutical exports, followed by the European Union (18 per cent) and Africa (17 [per cent).
The pharma exports to the US market are high due to the large number of approvals from the USFDA. India has been the third-largest exporter of drugs to the US market by volume and it has 370 FDA-approved manufacturing facilities outside the US, which is the second largest in the world, it said.
India ranks 4th in pharmaceutical production in the world with a production output of about USD 31 Billion in 2014. The country has a 1.4 per cent share by value and 10 per cent by volume in the global pharma industry. India is one of the leaders in pharmaceutical exports. The country exports drugs worldwide to more than 200 countries. (KNN Bureau)
The paper ‘Generic Medicines in India- Promulgating Growth & Access,’ jointly conducted by ASSOCHAM and RNCOS said generics would account for 85 per cent share in the domestic pharma market by 2020, fuelled by cheap labour, patent cliff of blockbuster drugs and prevalence of lifestyle diseases.
The domestic pharma market was valued at US$ 15.4 Billion in 2014 and is expected to expand at a CAGR of 13.3 per cent to USD 32.7 Billion by 2020.
Driven by favourable demographics including growing aging population, increasing lifestyle diseases, steep growth in disposable incomes and increasing penetration of Indian drug players in the global market, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, it said.
According to the study, the major export markets for the country’s pharmaceutical products are Americas, Europe, China, Japan and Africa. The US is single largest export destination. It accounts for nearly 28 per cent of Indian pharmaceutical exports, followed by the European Union (18 per cent) and Africa (17 [per cent).
The pharma exports to the US market are high due to the large number of approvals from the USFDA. India has been the third-largest exporter of drugs to the US market by volume and it has 370 FDA-approved manufacturing facilities outside the US, which is the second largest in the world, it said.
India ranks 4th in pharmaceutical production in the world with a production output of about USD 31 Billion in 2014. The country has a 1.4 per cent share by value and 10 per cent by volume in the global pharma industry. India is one of the leaders in pharmaceutical exports. The country exports drugs worldwide to more than 200 countries. (KNN Bureau)
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