Country will account for over 20 per cent of global production with $20 billion exports forecast by 2020
The India Brand Equity Foundation (IBEF) and the Pharmaceuticals Export Promotion Council (PHARMEXCIL) have provided an update on the country’s generics market as the world’s pharma industry meets for its annual exposition at CPhI Worldview in Frankfurt. Data confirms that the country’s branded generic sector accounts for a massive 98 per cent of the marketplace – reaching a value in excess of $12 billion – with India remaining the world’s leadingexporter.
PHARMEXCIL forecasts that generic exports are now growing at around 22 per cent per year, with India accounting for around 20-22 per cent of the world’s production, covering more than 60,000 brands and 60 therapeutic classes.
Total exports of pharmaceuticals – including APIs, generics and alternative systems of medicine – climbed to $16.84 billion during 2016-17, with 34 per cent and 15 per cent supplied to the US and EU markets respectively.
Ravi Udaya Bhaskar, Director General, Pharmexcil, commented, “A key driver for this growth is India’s extensive product portfolio, which provides the capability to manage and treat any ATC (Anatomical therapy classification) – to the same quality as the innovators – at highly affordable costs.”
According to the analysis India has provided up to 50 per cent of new DMFs and between a quarter and a third of new ANDAs each year for the past decade – in addition to supporting hundreds of ANDAs filed by US and EU companies. The country was also credited with between 30 per cent and 50 per cent of the total CEPS between 2013 and 2017, including being the first to file generic drugs in the EU and the US. Consequently, India now boasts seven companies amongst the top 20 global generic organisations.
Udaya Bhaskar, added, “The industry has been working diligently towards enhancing its capabilities and strengths. This includes its more than 950 colleges, which deliver over 90,000 pharmaceutical graduates per year, of which, 30,000 have completed master’s degrees. Moreover, Government’s policies are directed at increasing infrastructure facilities to help enable manufacturing to reach its highest potential – with pharma exports expected to reach $20 billion by 2020.”