While the Indian economy is facing a prolonged slowdown in almost all quarters, the pharma industry is giving some relief to the pain. India’s pharma industry has grown at nearly10 per cent in recent quarters of 2019, according to an EY report. India is considered to be the market with the second-highest growth potential in the world after China. “This likely reflects the real effort to increase standards throughout the supply chain, which have been recognised by executives, generating an increasingly prominent international business reputation,” said the CPhI annual report.
Despite having high growth potential and competitiveness, the Indian pharma industry is yet not the most innovative market in the pharma sector. The country has fallen to the bottom of the table with the top 10 innovative countries in pharma. However, to curb this, the Indian Pharmaceutical Alliance (IPA) has urged the government to set up a fund to provide a boost to innovation in the pharma and biopharma space.
After the government opened a 100 per cent FDI route for greenfield projects in pharma, India has received interest from many countries, increasing the potential to make it a pharma hub.
“Indian pharma industry is getting better every year. Incidents such as restrictions in the US market, help us to enhance our quality and performance. The greenfield FDI in pharma has also helped as we see requests from many countries,” Yogesh Mudras, Managing Director, Informa Markets in India, told Financial Express Online.
He added that even China has opened up for the Indian pharma market, which will help to boost the export in the coming months. However, Yogesh Mudras also said that fake medicines is a major problem and a proper monitoring system can reduce the problem.
Appreciating India, along with the other BRIC nations, the CPhI report says that the economic progress in the BRIC nations, Brazil, Russia, India, and China, has expanded market opportunity and added greater complexity to developing and marketing safe and efficacious drugs across the global supply chain.-Financial Express