To be among the top three pharma markets by incremental growth
The Indian pharma industry is expected to be worth $55 billion by 2020, informed Arun Singh, India’s ambassador to the US.
He was speaking at the 34th annual convention of American Association of Physicians of Indian-Origin (AAPI) at New York. He said by 2020, India is likely to be among the top three pharma markets by incremental growth and sixth largest market globally in absolute size.
“Branded generics dominate the pharma market, constituting nearly 70 to 80 per cent of the market. India is the largest provider of generic drugs globally with the Indian generics accounting for 20 per cent of global exports in terms of volume,” Singh said.
India’s cost of production is significantly lower than that of the US and almost half of that of Europe and that gives a competitive edge to India over others.
Reportedly, around 1,500 AAPI delegates from across the nation attended the convention.