Indian pharmaceutical market is one of the fastest growing in the world

The rising Indian pharma market will achieve sales of close to $8 billion in 2009 and has enjoyed double-digit growth in the past five years, peaking at 25% in 2007. Will the Indian market continue to achieve high sales growth next decade? Our new report - Indian Pharmaceutical Market Outlook 2009-2024 – explains, providing the information that you need to understand this crucial pharma opportunity. India is of rising importance as growth slows in the current leading markets.

The strong growth registered by the Indian economy has helped to drive its pharmaceutical market and industry. That sector’s growth in recent years has also been driven by India’s expanding middle class, with growing affordability and greater access to healthcare. India currently accounts for over 5% of the Africa/Asia/Australasia market and is ranked 14th in the world pharmaceutical markets. The highly-competitive market in India continues to be dominated by Indian pharmaceutical companies, but remains fragmented, with over 20,000 licensed organisations. Besides many SMEs, competitors include internationally-recognised companies such as Cipla, Dr. Reddy’s and Ranbaxy, as well as foreign multinationals.

India’s pharmaceutical industry has strong potential for growth and will continue to be an attractive sector for both domestic and foreign companies, Indian Pharmaceutical Market Outlook 2009-2024 shows. Also, pharmaceutical companies will continue to use acquisitions, joint ventures and leveraging of low operational costs in India. That country’s main strengths include:

• Second-largest population in the world, one predicted to overtake China’s by 2035
• World’s second-fastest-growing economy
• Growing middle class with dispensable incomes and expanding healthcare provision
• Highly-skilled workforce with competitive manufacturing base.

Therapeutic sales are not the only source of revenues for India’s pharmaceutical sector. Increasing costs of research and manufacturing have caused pharmaceutical companies worldwide to outsource operations to lower-cost countries. India’s highly competitive pharma industry, with a strong manufacturing base and relatively low overheads, offers strong opportunities for outsourcing both research and production. The growth of India’s pharmaceutical business is mostly driven by:

• Increases in production capacity and efficiency
• Legislative reforms
• The growth in contract manufacturing opportunities there
• Increases in outsourcing of clinical trials from higher-cost countries
• Research and development capabilities in both small-molecule and biological drugs
• Foreign acquisitions and joint ventures by domestic companies.

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