Know about the growth of pharmaceutical sector in India

1. Know about the growth of pharmaceutical sector in India According to the PwC – CII reports, the Indian pharma sector is attaining the new heights of success and by 2020, it is more likely to be in the top 10 international markets in terms of value. This report is titled “India Pharma Inc: Gearing up for the next level of growth”. The report emphasized that increasing burden of disease and better economic development result in improved disposable incomes. Advancement in healthcare infrastructure and enhanced healthcare funding are the key factors in driving the growth of pharmaceutical industry in India. Over the last five years, the pharma sector in India has been developing at a CAGR (Compounded Annual Growth Rate)of over 15% and has tremendous growth opportunities. However, in order to maintain this strong growth rate till 2020, generic pharma companies will have to redesign their business strategy. These agencies will have to implement advanced business models and also, adopt ground-breaking ideas to serve their evolving consumers quicker and better. The leader of pharma life sciences PwC India, Sujay Shetty said, “Over the last one year, the pharma sector has faced many regulatory intercessions, which will need careful attention by pharma agencies as they design their future strategies. Pharmaceutical companies will keep on growing both organically as well as inorganically through associations and partnerships. The generic pharma companies will continue to concentrate on enhancing operational proficiency and output. Advancements in the medical insurance, health technology and mobile telephony can add to the development of the pharma sector by eliminating physical and financial barriers to healthcare access in India, Sujay Shetty further added. In 2020, the worldwide biosimilars industry is predicted to be amid $25 billion and $35 billion. Biosimilars are quite heavy supply intensive investment profession. Global Chief Financial Officer, Cipla Ltd., Kedar Upadhye said, “With the specified level of investments and long development period, we have determined to move our Biotech business and shift our main focus towards business expansion and licensing-based model, instead of organic manufacturing and development model.” He added that it will also aid us in transferring capital towards Specialty in the US and additionally planned priorities. As per the spokes person of Abbott India, “As a dynamic and emerging market, there are both excitingas well as challenging times for the pharmaceutical industry in India. There has been a transfer of infectious ailments to NCDs (Non-Communicable Diseases) as people are growing old and habits and lifestyles are also changing. Pharma agencies will have to line up their product portfolio in this track,” In the pharmaceutical industry,a major effect has been noticed in the first quarter of the current financial year, because recently, the union government has implemented the Goods and Services Tax (GST). Upadhye said, “After the declaration of GST, the stockists withdrew the buying for May and June month, which resulted in decreased sales in the 1stquarter of FY 2017-18. Though, we assume the market to stabilize in the close term,”. When discussing another challenge, Upadhye added, “It becomes challenging when, at times, US FDA takes the longer time to visit our sites for inspection.