Indian Pharma Industry Aims High

The US $ 20-bn Indian Pharmaceutical industry has been growing at a compounded annual growth rate of 9 percent and is likely to grow to US $ 50 by 2015, according to key government officials who spoke at the India Pharma Summit 2009 held in Mumbai. The event was jointly organized by the Department of Pharmaceuticals, the Federation of Indian Chambers of Commerce and Industry (FICCI) and UBM India.

Underscoring the country's huge potential; a study conducted by McKinsey has noted that the domestic market, growing at 10-14 percent at present, would be able to rake in huge revenues by 2015 via exports and contract manufacturing, both of which are growing at aproximately10 percent per annum. The research firm revealed its latest findings at the Summit. “Considering the current growth rates and the opportunities available in the country, coupled with the positioning of the Indian pharma in the global generic space, it is not hard to imagine that the Indian pharmaceutical industry could reach the $ 50 bn mark by 2015,” said Palash Mitra, Partner, McKinsey.

Speaking at the sidelines of the Summit, Ashok Kumar, Secretary, Department of Pharmaceuticals, said that the government was planning to set up a Rs. 2,000 crores corpus fund for the pharma industry. “The fund would be set up with the help of the government and the industry. It will be used for helping the pharma industry in R&D,” he added.

Courtesy: Bulk Drug Manufacturers Assoc. (BDMA)

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09.03.2010

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