| dc.description.abstract | Currently valued at USD 14.7 bn the domestic Pharmaceutical Market is growing at 14%. It is a highly fragmented market with over 3,000 companies (of which 550 are covered by IMS) and over 30,000 brands. Indian companies contribute to ~75% ofthe total market. The market is predominantly branded generics (~ 80%) with an average of 100 plus brands competing for doctor's attention for every commercialized molecule. While patented products account for about 1% of the market, the market has witnessed a number of patent related litigations over the vears.
The prices of pharmaceuticals in India are one ofthe lowest in the world, on account ofsevere competition from local companies by the virtue of strong reverse engineering capabilities. In addition, the operating environment is not fully conducive on account ofthe governmental price controls. dated legislations, unionized trade (about 7,00,000 traditional pharmacies) and fieid force (medical reps).
India has maximum numberof USFDA approved plants outside of US and exports pharmaceutical products to over 200 countries contributing to U5$ 15.5 billion revenues. india has been able to leverage its reverse engineering capabilities to tap the international market, carry out contract manufacturing and contract research. However, we are still on our journey to create a new drug discovery that is fully homegrown!
The reach of pharmaceutical products to the large Indian population is still a concern. Over the years,there has been little innovation in the delivery of healthcare to the last mile! India needs higher healthcare spends by Government, enhanced efficiency of delivery networks, better utilization of technology, more Public Private Partnerships, engagement with academia to establish models (eg. Intellectual property, technology transfer processes) and better governmental incentives to enhance sectoral investments to take the Industry to the next level. | en_US |
