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Domestic sales will be the key driver of revenue growth.
At the close of CPhI and P-MEC India, part of India Pharma Week, organized by UBM EMEA and UBM India, it was revealed that a survey of approximately 400 Indian pharmaceutical companies forecasts rapid growth for the Indian pharmaceutical economy in 2017. Growth drivers include strong domestic sales, exports of generic APIs, as well as finished formulation for developed markets.
The industry appears to be confident about near term revenue prospects, with a predicted 30.5% growth in 2017. An analysis by sector shows that, of the 400 companies surveyed, 60% believed that finished formulations would expand rapidly, while 42% see APIs as the largest growth area. Highlighting the economy’s diversity and willingness to incorporate new product classes, 25% of survey respondents regard biosimilars and biologics as a burgeoning sector in 2017, particularly following the updated CDSCO biosimilars guidelines. One of the reasons behind the renewed confidence in the Indian pharmaceutical market is the improving quality standards, as 67% of survey respondents stated they expected to meet the approaching CDSCO certification deadline in January 2018.
The survey findings were announced as more than 40,000 attendees visited Mumbai for the special 10-year anniversary of CPhI and P-MEC India, including India Pharma week. Organizers believe that the event helped stimulate this growth as it brought together buyers from Germany, China, Italy, Japan, and the United States, along with Indian pharma companies for commercial discussions, knowledge sharing and analysis.
In the past decade, the industry has expanded its dollar value through international exports. This trend is set to continue in the near future, with more FDA approvals paving the way for increased generic drug sales in the United States. However, not only are exports increasing, but also, the gentrification of the Indian healthcare economy is leading to higher demand for domestic pharma. Approximately 70% of respondents anticipate domestic sales will be the main driver of growth for Indian pharma in the next three to five years.
Indian Pharma Week featured 10 tailored event including the leading Pre-Connect congress, the UBM India Pharma Awards, Pharma Leaders golf, CEO roundtables, alongside the CPhI and P-MEC India exhibition, bringing together more than 1200 exhibitors. Taking place in two separate venues, the Bombay Exhibition Centre and the BKC, the exhibition connected attendees with pharma and generics companies, ingredients manufacturers, pharma machinery, packaging experts, CDMOs, CROs, biotech and biosimilar companies.
The complete findings of the UBM India survey will be published in CPhI Pharma Insights India Report later in 2016, along with an international perspective and a deeper analysis of the market.