Indian Pharma growth outpaces rivals, but must embrace innovation

Ranking among the top five globally by production volume, the Indian pharmaceutical market at present accounts for over 10% of global drug production. It continues to be one of India’s biggest employers – with more than 340,000 Indian people dedicated to an industry that is worth in excess of $22 billion.

However, senior delegates at the Cambridge Consultants Mumbai pharma workshop said Indian pharmaceutical companies must embrace innovation and adopt technology if they are to stay competitive at both a domestic and global level. In an industry that is extremely competitive - with more than 20,000 pharmaceutical companies - delegates agreed these were the two main driving forces defining the future landscape of the Indian pharmaceutical industry.

The Cambridge Consultants workshop, attended by a cross-section of senior personnel from a variety of functions within leading Indian and multinational companies, explored the question of whether India would become one of the world’s leading pharmaceutical countries by 2030. Recent reports suggest India's domestic pharmaceutical sector will grow to $55 billion by 2020. As a significant exporter of generic drugs, India is expected to see the value of its drug exports double to $25 billion by the end of 2014, according to the country’s Minister of Health.