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The Indian pharma industry has shown initial signs of improvement during the first half of 2006, growing over 3% faster than the global industry at 10%, according to a KPMG report. This progress has been mainly aided by interest in contract manufacturing and research services, and the increasing portfolio of Pharma Companies.
Business Standard has stated that the market has grown by 10% during the first half of 2006, to reach US$6 billion, in comparison with a global growth rate of 7%. Accounting for nearly 22% of the global generics business, the Indian industry is well poised to compete with Chinese and Latin American producers to gain 30% of the market resulting from drugs going off-patent in 2007 and 2008.
Although it remains a developing market, there is no denying that India represents vast untapped potential for global pharmaceutical companies to reach out to. The burgeoning population, recent regulatory changes and a slowly but gradually increasing health insurance market ensure that the initial interest shown by innovative research companies will not be swayed.
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