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September, 2006 Pragati Maidan, New Delhi, India |
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Indian Pharma Industry To Be Rs 60bn In 07-08
Exports to drive the upward trend
The Indian pharmaceutical industry is expected to grow by 11 per cent and become a Rs 60bn industry by 2007-08, with exports to regulated markets of the US and Europe in generic drugs also likely to increase, industry body Assocham said in a study.
Exports from the industry would grow at around 18 per cent by 2007-08 to take the total export volume to about Rs 30bn as compared Rs 18.29bn in 2004-05, it added.
The domestic pharma industry stood at Rs 39bn in 2003-04, while exports were Rs 15.5bn during the same period, the chamber said adding the industry would grow to over Rs 48.01bn with export volumes likely to exceed Rs 21.58bn
Expiry of patents of branded products would substantially contribute to the growth of domestic pharmaceutical industry, thereby pushing its exports, particularly in generic drugs markets, because of their low production costs and give India an edge over other countries like China and Israel, Assocham president Anil Agarwal said in a statement.
Several branded products are slated to lose patent protection in developed markets in the coming years. For instance, in the US drugs worth 40 billion dollar and in Europe worth 25 billion dollar would go off patent by 2007-08, providing adequate opportunities for Indian drug manufacturers in the generic drug market to capture market share, he added.
It would be easier for Indian drug manufacturers to seize larger share of generic drugs in the overseas market, particularly those of US and Europe since it is unlikely that the National Pharma Pricing Authority would unleash its regulation on fixing drugs prices to industry, the chamber said.
Date: 02-Jul-2006
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