India is expected to be among the top 10 pharma markets by 2015. There are multiple factors that will drive the country to the top including its ability to  manufacture and operate in multiple therapeutic segments together with strong regulatory skills, cost advantage rising household income levels leading to higher expenditure on healthcare, noted K Raghavendra Rao, chairman and managing director, Orchid Chemicals & Pharmaceuticals Ltd.

In a presentation on the Indian Pharma Opportunities & Challenges Indian Pharmaceutical Congress 2012 – Chennai, during the session titled ' Indian Pharmaceutical Industry - Global Hub', the Orchid Chemicals chief said that  even factors greater marketing penetration in urban and rural areas, epidemiological changes, with a rapid increase in chronic, age-related disorders and continuing rapid expansion of the private hospital sector would fuel growth of Indian pharma.

In 2015, there is no doubt that India will be ranked 8th after US, Japan, China, Germany, France, Brazil and Italy. In 2005, India was ranked 15th and went up to 12th. What sets apart the pharma sector in India is its multi capability to manufacture multiple therapeutic segments which has made it a  preferred partners for multinational companies in the emerging markets.

Other macro economics factors attributed to the positive development of the sector are increased government spending on improvements in healthcare which makes pharma a significant GDP (gross domestic product contributor).

There is a rapid growth emanating from outsourcing sector as contract research-manufacturing services (CRAMS), clinical research and R&D are key attractions for global companies as they look at India for such services. Around 40 per cent of the total pharmaceutical products are exported. Moreover, the pharma industry in India is one of the major foreign direct investments attracting sectors.

There are six promising markets for India: US, Japan, Germany, France, UK and Canada which have helped to generate the revenues from prescription products which generate 60 per cent of the revenues to touch US$ 1.08 trillion in 2011 and reflecting an year-on-year increase of 7.8 per cent.

From a domestic market perspective, lifestyle related disorders is set to propel faster growth in chronic segments. With changing demographics market is shifting towards chronic therapy like cardiovascular, anti-diabetic, neurology and psychiatry. The fact is that demand for products increases  dramatically, as the global population increases, ages and becomes more sedentary. In 2010-11, while the market grew by 15 per cent, chronic segment grew by 18 per cent - chronic segment to comprise more than 50 per cent of the pharma market by 2020.

Generics will propel the growth in the developed markets over the medium term. There is price erosion  because of post patent expiry which is leading to need for new improved cost-effective generic drugs which would help the  Indian companies to increase their market share in the global arena, said Orchid Pharma chief.