Indian vaccine market targets $4.6 billion revenue by 2017, up from current $900 million

The Indian vaccine market is currently estimated to be worth around $900 million and targets $4.6 billion revenue by 2017. It is poised to grow 23% during 2011-2012. Vaccines are the most cost-effective public health products known to us and they are a means to prevent or the potential to develop preventive solutions, according to India Infoline.

India has made a significant contribution to vaccine development, said Ashwani Kumar, Minister of State for Science and Technology, and Earth Sciences, noting that, India produces 60% of the world’s vaccines and account for 60%-80% of annual UN vaccine purchases. Several Indian vaccine manufacturers are WHO pre-qualified.

Reported by India Infoline, Dr Kumar was speaking at a symposium organized by the Department of Biotechnology (DBT), Government of India in partnership with International AIDS Vaccine Initiative (IAVI), Indo US Vaccine Action Program, Translational Health Science & Technology Institute (THSTI) and Clinical Development Services Agency (CDSA), a meeting about international exchange of information on vaccine R&D.