Current Pharma Scenario in India
INTRODUCTION
The Indian Pharmaceutical industry has been witnessing phenomenal growth in recent years, driven by rising consumption levels in the country and strong demand from export markets. The pharmaceutical industry in India is estimated to be worth about US$ 8 bn, growing at an annual rate of 12-15%. In world rankings, the domestic industry stands 3rd in terms of volume and 12th in value growth terms. The ranking in value terms may also be a reflection of the low prices at which medicines are sold in the country.
The industry has seen tremendous progress in terms of infrastructure development, technology base and the wide range of products manufactured. Demand from the exports market has been growing rapidly due to the capability of Indian players to produce cost-effective drugs with world class manufacturing facilities. Bulk drugs of all major therapeutic groups, requiring complicated manufacturing processes are now being produced in India. Pharma companies have developed Good Manufacturing Practices (GMP) compliant facilities for the production of different dosage forms.
In addition, India's long-established position as a preferred manufacturing location for multinational drug manufacturers is quickly spreading into other areas of outsourcing activities. Soaring costs of R&D and administration are persuading drug manufacturers to move more and more of their discovery research and clinical trials activities to the subcontinent or to establish administrative centres there, capitalizing on India's high levels of scientific expertise as well as low wages
A highly fragmented industry, the Indian pharmaceutical industry is estimated to have over 30,000 manufacturing and marketing units. Indian pharmaceutical industry will be the 4th largest industry of the country in 2013 turnover wise. The organized sector accounts for just 5% of the industry, while a huge 95% is in the unorganized sector. A large number of players in the unorganized segment are small
The Indian Pharmaceutical industry has been witnessing phenomenal growth in recent years, driven by rising consumption levels in the country and strong demand from export markets. The pharmaceutical industry in India is estimated to be worth about US$ 8 bn, growing at an annual rate of 12-15%. In world rankings, the domestic industry stands 3rd in terms of volume and 12th in value growth terms. The ranking in value terms may also be a reflection of the low prices at which medicines are sold in the country.
The industry has seen tremendous progress in terms of infrastructure development, technology base and the wide range of products manufactured. Demand from the exports market has been growing rapidly due to the capability of Indian players to produce cost-effective drugs with world class manufacturing facilities. Bulk drugs of all major therapeutic groups, requiring complicated manufacturing processes are now being produced in India. Pharma companies have developed Good Manufacturing Practices (GMP) compliant facilities for the production of different dosage forms.
In addition, India's long-established position as a preferred manufacturing location for multinational drug manufacturers is quickly spreading into other areas of outsourcing activities. Soaring costs of R&D and administration are persuading drug manufacturers to move more and more of their discovery research and clinical trials activities to the subcontinent or to establish administrative centres there, capitalizing on India's high levels of scientific expertise as well as low wages
A highly fragmented industry, the Indian pharmaceutical industry is estimated to have over 30,000 manufacturing and marketing units. Indian pharmaceutical industry will be the 4th largest industry of the country in 2013 turnover wise. The organized sector accounts for just 5% of the industry, while a huge 95% is in the unorganized sector. A large number of players in the unorganized segment are small