A recent study by RNCOS, Opportunities in Indian Pharma Sector, has found that India holds almost US $6 billion of the US$550 billion global pharmaceutical industry. The share of India is increasing at 10 per cent per year. In a sharp contrast to the 7 per cent annual growth observed by the overall global markets, this figure speaks of a very promising scenario.
Assocham, the industry body, expects the Indian biotechnology sector to grow to US $5 billion by the year 2009-2010, more than thrice a growth from US $1.5 billion in 2004-05.Indian biotech industry, based upon industry inputs, is all set to emerge as a hub for clinical and biological services and custom research. And within biotechnology, bio-pharma is the segment that is growing most swiftly. During 2005-06, bio-pharma accounted for 70 per cent of the domestic sales in pharmaceuticals sector.
According to Assocham, there are more than 300 biotechnology firms in India that focus on various facets of the value-chain. However, nearly 50 per cent of the revenue is concentrated with top ten players. In India, bio-generics and vaccines are the most common interest areas for major firms such as Bharat Biotech, Dr Reddy's Lab, Wockhardt and Zydus. The country is already the second largest manufacturer of vaccines that are used by kids. These vaccines are exported to more than 100 countries.
As per RNCOS' market research report, 'Bio-pharma market is witnessing a solid growth trend, with record vaccine sales of US $386.3 million in 2004. India is fast emerging as the centre for global vaccine market. It is expected that Indian pharmaceutical firms will supply 90 per cent of the worldwide demand for measles-vaccine in the years to come. Apart from vaccines, diagnostics is another rapidly growing segment of Indian bio pharma sector. In 2004, diagnostic market recorded sales of US$ 138.2 million."
The report further provides extensive research and objective analysis of the pharma sector in India. Key facts and issues analyzed in this report include:
#. Emerging trends in the pharmaceutical sector in India
#. Future prospects of the pharmaceutical industry in India
#. Key players in the pharmaceutical market in India
#. Opportunities and challenges in the pharmaceutical market.