According to IMS health Inc., the global pharmaceutical industry grew by 7% in 2009 to reach US $837 billion on constant dollar basis and by nearly by 5-6 percent in year 2010 and is expected to grow at a 4 - 7% compound annual growth rate (CAGR) through 2014 reaching an anticipated US$ 1.1 trillion in 2014.
This industry growth is driven by stronger near-term growth in the US market and is based on the global macro economy, the changing combination of innovative and mature products apart from the rising influence of healthcare access and funding on market demand. Different regions of the world will influence the pharmaceutical industry trends in different ways.
Indian Pharmaceutical Industry
The Indian Pharmaceutical Industry today is in the front rank of India’s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. From simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously.
Following the de-licensing of the pharmaceutical industry, industrial licensing for most of the drugs and pharmaceutical products has been done away with. Manufacturers are free to produce any drug duly approved by the Drug Control Authority. Technologically strong and totally self-reliant, the pharmaceutical industry in India has low costs of production, low R&D costs, innovative scientific manpower, strength of national laboratories and an increasing balance of trade. The Pharmaceutical Industry, with its rich scientific talents and research capabilities, supported by Intellectual Property Protection regime is well set to take on the international market.
Globally, the Indian pharmaceutical industry ranks 10th in terms of value and third in terms of volume. According to IMS Health, the...