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Home » INDIAN DRUGMAKERS FORECAST TO TAKE GROWING SHARE OF GLOBAL GENERICS INDUSTRY
INDIAN DRUGMAKERS FORECAST TO TAKE GROWING SHARE OF GLOBAL GENERICS INDUSTRY
November 22, 2005
Indian drug sales are forecast to reach INR600bn (US$13.09bn) in the 2007-2008 financial year, an increase of 11% on current levels, while exports should grow 18%, according to a new report released by the Associated Chambers of Commerce and Industry of India.
Growth will occur as a number of drugs lose patent protection in the coming years, boosting India's predominately generics-based drug industry. By 2007-2008, drugs worth some US$40bn are scheduled to go off patent in the US and Europe. This will aid exports as India's low manufacturing costs up to 50% lower than in developed nations coupled with its abundance of skilled workers gives it a competitive edge over rivals. India is expected to take around 30% of the increasing global generics market.
Elsewhere, the study goes on to claim that India's recently implemented patent
regime will change the focus of the country's drug industry in the long-term,
as it turns towards innovative drugs. Industry sources expect that this will
increase profits for multinational drug firms and will force local drugmakers
to focus on R&D. They also claim that it will drive much needed consolidation
in the local industry, improving overall competitiveness and efficiency.
KEYWORDS Daily International Pharma Alert
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