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India
Fast Expanding
in Global Pharma
Market
-
Exim Bank Study
The Indian pharmaceutical
industry today
occupies a unique
and fast expanding
space in the global
market not only
as a manufacturer
of generic drugs
but also of new
formulations,
with growing emphasis
on research and
development (R&D)
and new drug discovery,
says a study by
the Export Import
Bank of India.
With annual turnover
of over US $11
billion, the Indian
pharmaceutical
industry is globally
ranked 4th, in
terms of volume,
with a share of
8.0 percent in
the world pharmaceutical
market.
The global pharmaceutical
market is characterized
by greater levels
of R&D expenditure
and extensive
regulation of
its products.
Although the developed
countries dominate
the global pharmaceutical
market, the share
of developing
countries like
India, China and
Mexico has been
increasing in
recent years.
The study, analyzing
the evolution
of Indian pharmaceutical
industry, has
observed that
the transition
period, provided
under the TRIPS
agreement of WTO,
has been utilized
effectively by
Indian firms to
undertake activities
such as clinical
research, new
drug development
and patent filing.
New countries,
such as Brazil,
South Africa,
Turkey and Ukraine,
have emerged as
important destinations
for India. For
many countries
in Africa and
South Asia, India
is one of the
principal source
countries for
pharmaceutical
imports. However,
India's share
in pharmaceutical
imports of developed
country markets
(such as USA,
EU and Japan)
is still low,
though they are
India's largest
export destinations.
Increasing R&D
activities, Filing
of Drug Master
Files (DMF) and
Abbreviated New
Drug Applications
(ANDA) with US-FDA;
leveraging bio-technology;
specializing in
contract research,
contract manufacturing
and co-marketing
alliances; diversification
of markets; and
inorganic growth
through mergers
and acquisitions
are some of the
success strategies
adopted by the
Indian pharmaceutical
industry. However,
there are also
challenges, which
need to be addressed
by the Indian
pharmaceutical
industry.
Given the expertise
and experience,
Indian pharmaceutical
industry should
be in a position
to garner a significant
share in the world
market. Some of
the strategies
prescribed by
the study include
strengthening
R&D activities,
market penetration
in Least Developed
Countries (LDCs)
through acquisitions,
stepping up of
bio-pharma convergence,
addressing safety
and quality issues,
emphasis on patent
filings, skill
development and
tackling of patent
infringement cases.
For more information
& complete
copy of research
please contact:
Chief Knowledge
Officer, Export-Import
Bank of India
Centre One Building,
Floor 21, World
Trade Centre Complex,
Cuffe Parade,
Mumbai 400005.
Tel: + 91 22 22182837;
Fax: + 91 22 22183070
Email: dharmendra@eximbankindia.in;
website : www.eximbankindia.in
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