According to India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the Indian domestic pharmaceutical market is estimated at Rs 90,400 crores ($15 billion) ending FY15 with a growth of 12%. It is estimated that almost 27-30% of India’s pharma market is catered by multinationals operating in India and around 4, 60,000 people are estimated to be employed in the pharma industry. Top 20 companies account for 64% of the market.
Public-private partnerships, an increased penetration of healthcare facilities in non-metro cities, involvement of multinationals in setting up facilities in the country, and establishment of educational institutions, are just a few multiple prime reasons enabling India to experience a surge in the global market. Other key assets which have played a role in India becoming a leading pharma market are a thorough know-how in the manufacture of generics, rapidly developing research and development facilities with talented technical staffing, internationally recognised systems of pharmacy education, and a broad patient population pool enabling intense clinical trials.
The last few years have reshaped and repositioned India in the realm of healthcare and pharma, and the results have started to show in its high ranking position in the global pharma market.