New Delhi, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size by 2020, Commerce Minister Suresh Prabhu said here on Friday.
Speaking during a function held by the Organisation of Pharmaceutical Producers of India (OPPI), Mr Prabhu said that increase in the size of middle class households, coupled with the improvement in medical infrastructure in the country, will influence the growth of the pharmaceutical sector.
He said the pharma industry will play a key role in driving India to become a five trillion dollar economy.The Minister further said that India is the best destination for research in genomics and their application. He called for a balance between the growth of pharma sector and protection of consumer interests.
He said there are great opportunities in African and Latin American countries for Indian pharmaceutical industry and India has the potential to become a place for holistic solutions in the healthcare sector.
The Indian pharmaceuticals market witnessed growth at a compound annual growth rate (CAGR) of 5.64 per cent during 2011 to 2016, with the market increasing from USD 20.95 billion in 2011 to USD 27.57 billion in 2016. The industry’s revenues are estimated to have grown by 7.4 per cent in 2017.