At a sustained growth rate of 10%, India has arrived at the global pharmaceutical arena as a hub for all pharmaceutical manufacturing & research needs. Today, there are 475 USFDA approved manufacturing facilities in India
Madrid, Spain (PRWEB) October 09, 2012
Having gained Focus Country status for CPhI exhibitions held globally, world’s largest generic medicine manufacturer, exporter India will be the cynosure of all eyes with its ‘Brand India Pharma’ campaign at the upcoming three-day CPhI Worldwide pharmaceuticals event, to be held in Madrid from October 9–11.
CPhI Worldwide is the largest pharmaceutical trade exhibition organised each year by the UBM Group. UBM recognised India as the Focus Country across the CPhI exhibitions it has been organising globally, beginning with CPhI Japan in March 2012 followed by CPhI South East Asia held in Jakarta in May 2012 and finally CPhI Worldwide, which follows in October this year.
These events present an opportunity for various business groups for enhancing business growth in the pharmaceutical space by networking and thought sharing with leading pharmaceutical companies from across the globe brought together by CPhI.
Participation from over 200 Indian pharmaceutical companies is expected at the Madrid event spread across all segments of industry. The Indian presence at Madrid will be led by Mr S R Rao, Commerce Secretary, Ministry of Commerce and Industry, Government of India, who will be accompanied by senior officials of the Department of Commerce and a large Indian business contingent.
With the global pharmaceutical market growing at 5%, India is making massive strides in the pharmaceutical sector by clocking a growth rate of 10%, double the global growth rate in the sector. According to a PricewaterhouseCoopers report, India’s current pharmaceutical market size is around US$ 11 billion, global market size being US$ 880 billion, and is expected to reach US$ 74 billion by 2020.
India has been exporting to regulated markets, which majorly comprises the US and the European Union, apart from Oceania and Japan. In the unregulated sector, Latin America, Africa and parts of Asia comprise of the market. While there is a huge potential in the regulated markets, the events of the past 3–4 years have demonstrated the necessity for diversification. India aims to double its exports to reach US$ 500 billion by 2014, the share of pharmaceutical exports is expected to be a robust 5% of the total target at US$ 25 billion.
At a sustained growth rate of 10%, India has arrived at the global pharmaceutical arena as a hub for all pharmaceutical manufacturing & research needs. Today, there are 475 USFDA (Food and Drug Administration) approved manufacturing facilities in India.
India’s growing per-capita income, stable economy, and government’s active support to the pharmaceutical sector, make India a very lucrative investment destination for pharmaceuticals businesses seeking newer growth opportunities.
Biocon, Dr. Reddy’s Laboratories, and Aurobindo Pharma are some leading Indian companies in the pharmaceutical domain registering annual revenue of close to US$ 1 billion each.
Pfizer (USA), GlaxoSmithKline (UK), Novartis (Switzerland), Bayer (Germany), Sanofi-Aventis (France), Johnson & Johnson (USA) are some of the leading international pharmaceutical companies having successful business presence in India.
India’s rising disposable income, improving medical infrastructure, greater health insurance penetration, shift in disease profile, and growth in population will play a key role in ensuring India’s dominance in the global pharmaceutical space in the days ahead.
Additionally, the Government of India has undertaken various initiatives to bolster growth in the pharmaceutical sector. Specifically, steps like tax incentives and grants for bio-technology start-ups, permitting 100% FDI (Foreign Direct Investment) in pharmaceutical sector, and the unveiling of a plan to set up a Rs 2,000 crore venture capital fund to promote drug discovery and strengthen infrastructure have had far reaching effects in making ‘Brand India Pharma’ synonymous with quality, affordable and sustainable healthcare.
For further information please visit http://www.brandindiapharma.in/