Indian Pharmaceutical Industry

Health is a both a cause and effect of a nation’s economic development. The pharmaceutical industry in India is emerging as a strong player in the world market with its cost effectiveness and tremendous research potential. This also goes to say the pharma industry is benefiting the society with its ample opportunities in various departments. Players in the Indian pharmaceutical industry include: branded drug manufacturers, generic drug manufacturers, firms developing biopharmaceutical products, nonprescription drug manufacturers, and firms undertaking contract research. In addition, there are also enablers of the industry such as universities, hospitals and research centers that play a role in R&D activities. The pharmaceutical industry is growing at a rapid pace with dreadful diseases and illnesses still not under control and with a significant death rate shared among cancer, diabetes and heart diseases to name a few. The growth rate is estimated to be at 8-9 % worldwide and a turnover of around US$ 700 billion. Of these the United States (US) has the lion’s share with (48% share), European Union (EU) (28%share) and Japan with a share of 12%, and the rest of the world, including India, contributes around 20%. However India ranks 4th in terms of volume with a share of 8% in the world pharmaceutical market and only 13th in terms of value. The annual turnover of the Indian pharmaceutical industry is approximately, US$ 20 billion.