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Home Economy

The Indian Pharma Industry: Growth, Challenges, and Global Leadership – 2023-27

India CSR by India CSR
September 5, 2024
in Economy
Reading Time: 5 mins read
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The Indian pharmaceutical industry, valued at US$ 23 billion, is among the fastest-growing markets globally, driven by healthcare spending, government initiatives, and its dominance in the global generics market.

The Indian pharmaceutical market, currently valued at US$ 23 billion, is one of the fastest-growing pharmaceutical markets globally. Over the past decade, it has consistently posted double-digit growth, barring a few years when external macro factors impacted performance. Despite these hurdles, India’s pharma market has remained resilient, continuing to grow at a pace that outstrips most global markets. Over the next five years, the market is expected to maintain its upward trajectory, growing at a high single to low double-digit rate. This growth will be driven by factors such as increased healthcare spending, expanding health insurance coverage, rising disposable incomes, and government initiatives aimed at supporting the sector.

Factors Propelling the Growth of Indian Pharma

Several factors contribute to the impressive growth of the Indian pharmaceutical market. The rise in healthcare expenditure, both from the government and the private sector, has improved access to medicines and healthcare services across the country. Additionally, the growth of the Indian economy has resulted in higher disposable incomes, allowing more people to afford better healthcare. The increasing prevalence of lifestyle-related disorders such as diabetes and cardiovascular diseases has also driven demand for pharmaceuticals. Further, accommodative government policies and various initiatives have encouraged investment in the sector, contributing to its continued expansion.

Therapeutic Area Performance

The Indian pharmaceutical market’s performance varies across different therapeutic areas, with chronic therapies seeing higher growth rates compared to acute therapies. As of FY2023, key therapeutic segments include cardiac care, anti-infectives, gastrointestinal, and anti-diabetic medicines, which collectively contribute significantly to the overall market. Here’s a breakdown of therapeutic sales in FY2023:

Therapy AreaSales (FY2023, Rs. bn)YoY Growth (%)
Cardiac240.99.8%
Anti-Infectives233.2-2.4%
Gastro-Intestinal215.811.0%
Anti-Diabetic167.75.9%
Vitamins/Minerals/Nutrients163.96.9%
Respiratory153.312.7%
Pain/Analgesics130.411.8%
Derma124.415.5%
Neuro/CNS112.612.4%
Gynaecology61.920.4%
Others246.213.8%
Total (IPM)1,850.19.3%

During FY2023, the market grew by 9.3%, with the first quarter witnessing slower growth due to the higher base created by the COVID-19 pandemic. However, growth accelerated in the following quarters, driven by volume expansion and new product launches.

The Role of Government Initiatives

A key factor in the development of India’s pharmaceutical market is the government’s proactive approach to healthcare. In FY2023, the Indian government updated the National List of Essential Medicines (NLEM), a list that plays a vital role in ensuring the availability of affordable and high-quality medicines. NLEM 2022, a revision of the 2015 list, added 34 drugs and removed 26, bringing the total to 384 across 29 categories. Drugs included in the NLEM are subject to government-fixed price ceilings, adjusted annually based on the Wholesale Price Index (WPI), which helps ensure affordability for the population.

This initiative is crucial in reducing the out-of-pocket expenditure on healthcare for Indian citizens, promoting accessibility to essential medicines and contributing to the overall growth of the market.

India’s Leadership in the Global Generics Market

India is a global leader in the production of generic medicines, ranking third globally in terms of production volume. The country is the largest supplier of generic drugs, accounting for 20% of the global supply. Additionally, India is a major producer of vaccines, accounting for 60% of the global vaccine supply, including a significant portion of the World Health Organization’s (WHO) demand for vaccines like DPT, BCG, and measles.

The Indian pharmaceutical industry is diverse, manufacturing approximately 60,000 different generic brands across 60 therapeutic categories. In addition to generic drugs, the industry produces over-the-counter (OTC) medicines, bulk drugs, vaccines, contract research and manufacturing services, and biological products. This diversity has enabled India to maintain its reputation as the “pharmacy of the world,” providing affordable, high-quality medicines to millions globally.

India’s pharmaceutical sector is also a major contributor to the country’s foreign trade. In FY2023, pharmaceutical exports reached US$ 25.4 billion, with the United States being the largest export destination. Indian pharmaceutical companies have consistently generated a trade surplus, contributing positively to the country’s economy.

Key Challenges and the Road Ahead

While India’s pharmaceutical industry has seen significant growth, it faces challenges such as regulatory hurdles, price controls, and increasing competition in the global market. The government’s price control mechanisms, while beneficial for consumers, can sometimes limit the profitability of pharmaceutical companies. Additionally, competition from other emerging markets, such as China, poses a threat to India’s dominance in the generics space.

Nevertheless, with continued government support, increasing healthcare expenditure, and India’s leadership in generics and vaccines, the industry is well-positioned for further growth. The next five years are expected to bring continued expansion, with the market projected to grow at a high single to low double-digit rate.

 A Pillar of Growth for the Indian Economy

The Indian pharmaceutical industry has demonstrated resilience and consistent growth, making it a vital component of the country’s economy. With its leadership in the global generics market and its growing domestic market, India is poised to remain a key player in the global pharmaceutical landscape. The combination of government initiatives, rising healthcare demand, and a focus on affordable, high-quality medicines will ensure that the Indian pharmaceutical market continues to thrive in the coming years.

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Tags: Global Generics LeaderGovernment InitiativesHealthcare Spending GrowthIndian Pharma ExportsIndian Pharma IndustryIndian Pharmaceutical Market

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