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India was ranked by international pharmaceutical companies as the third most competitive nation globally.
CPhI & P-MEC India, organized by UBM, is set to attract more than 50,000 attendees. The CPhI Global Pharma Index shows the country’s efforts to improve its reputation are paying off. In several areas, India was ranked by international pharmaceutical companies as the third most competitive nation globally. The inaugural CPhI Global Pharma Index, a reputation audit, surveyed international pharmaceutical companies from more than 40 countries to rank the major pharma economies out of ten across a spread of criteria.
The 11th annual CPhI & P-MEC India 2017 is set to take place in Mumbai on Nov. 27–30, 2017. It now runs across two exhibition centers-the Bombay Exhibition Center (BEC) and the MMRDA Grounds (BKC)-and has expanded from a three- to a four- day event. The second India Pharma Week also returns on Nov. 25–30, 2017 and will feature seven events covering the entire pharma supply chain in India, leveraging Mumbai’s status as a major pharma hub.
India was rated second globally for predicted “pharma market growth potential,” with a score of 7.0, narrowly behind China (7.2). Respondents cited high growth domestic markets and expanding manufacturing exports as key drivers. India, however, was rated by pharmaceutical companies as having nearly twice the potential of Western European countries, significantly outpacing even the United States (6.3), Korea (6), and Germany (5.9).
The country was chosen as the third most competitive pharma business destination in terms of tax environment, quality of employees, infrastructure, research potential, labour costs, accessibility, and access to funds. India had a score of 6.3 for competitiveness, behind only the US (6.9) and Germany (6.6), but ahead of Japan and China.
The perception of India’s “API manufacturing” also appears to be improving. According to survey results, the industry believes that India is broadly comparable to Italy, Spain, and Korea, though it is still behind tier-one nations such as Germany and the US.
For “quality and knowledge” of pharmaceutical professionals, India was ranked ahead of China, Korea, and Spain, and at a comparable level to that of Italy. Interestingly, and perhaps highlighting India’s efforts in patented and biosimilar drug development, the country also demonstrated growth in the category of “innovativeness.” In this category, India finished a little behind Korea and France, and ahead of Italy and Spain.
A more detailed analysis of only domestic respondents showed that the vast majority (80%) were either “confident” or “extremely confident” in their business outlook for India’s market in 2018. The CPhI report also found that 88% of respondents in India “were looking to work with foreign partners in 2018,” with 50% of sales to foreign companies on average. Highlighting this increased internationalization, exhibitor numbers have grown by more than 200 companies, with the 2017 event featuring 1400 exhibitors from over 100 countries.