India Pharma Companies Have Potential To Capitalise On $30 Billion Market In US: WTC Analysis

According to an analysis by the World Trade Centre (WTC), Indian pharmaceutical companies has an opportunity to grow their revenue from the US by almost five times to $30 billion from $6.5 billion if they properly tap just 10 of the widely consumed drugs in the world’s largest drug market, reports Wion.

The US is the largest export market for Indian domestic pharma makers, but the domestic players could only manage to get a share of 5.6 per cent or $6.5 billion in the American drug market valued at $116 billion, according to a data from WTC.

Indian drug companies export easily available drugs which has low prices but India controls only 2.4 per cent of global pharma exports.

Quoting data from the UN’s International Trade Commission, India has strong manufacturing capabilities and domestic pharma companies have the potential to enhance their exports to the US by almost five times to $29.6 billion, says the WTC in a note.

The WTC has identified 10 products that constitute nearly 25 per cent of American pharma imports in 2018 at USD 29.6 billion, of which 17 per cent of US imports are from India. Some of these ten products include single vitamins, cough & cold preparations, dermatological agents, local anesthetics and chemical contraceptives. – Swarajya