Indian pharmaceuticals market is the third largest in the world in terms of volume. In terms of value it is ranked 13 in the world. It has the largest no. of FDA approved plants (around 500+) outside USA. The industry is expected to grow at 20% over the next 5 years. Currently, the industry is growing at 10-11%.
India made a turnaround after patents regime, by focussing on reverse engineering new process and to manufacture the same at low cost. India is still to become a player in terms of drug innovation.
The Government of India has unveiled 'Pharma Vision 2020' in 2013, to make India a global leader in drug manufacturing. It has reduced approval time for new facilities to boost investments. Further, the government has also put in place mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to address the issue of affordability and availability of medicines. The Indian pharma market size is expected to grow to US$ 85 billion by 2020. The growth in Indian domestic market will be on back of increasing consumer spending, rapid urbanisation, raising healthcare insurance and so on. With changing lifestyle, India is also catching up lifestyle diseases of the west.