Published on January 24, 2018
Presently the pharma industry stands at USD35 billion both Indian market and exports - accounting for about 3.1-3.6 per cent of the global pharmaceutical pie in value and 10 per cent in volume terms. India’s pharmaceutical exports stood at USD 16.8 billion in 2016-17 and are expected to nurture by 30 per cent over the next three years to reach USD 20 billion by 2020.
The Government of India unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacture. Under this initiative, there are plans to set up a $640-million venture capital fund to enhance drug discovery and support pharmaceutical infrastructure.
Government introduced mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to deal with the issue of affordability and availability of medicines.
Market predictors said that, Indian pharmaceutical industry is expecting for effective budget 2018 and for the same they expect that government should work together to achieve a common vision of expanding and driving quality, thus contributing to the global pharmaceutical industry in an evident way as government is important for the growth of the industry.
About the delivery focus, improving our infrastructure, including transportation and port facilities, could ensure a more predictable timeframe for delivery and thereby, improve overall business and build trust in terms of supply reliability.
Customs duties on the exports from India could be reduced to increase market value globally. Chronic lifestyle diseases such as diabetes, cancers and cardiovascular ailments require development in the sector of generic drugs.
Market players said that Economic prosperity will perk up affordability for generic drugs in the market and improve per capita sales of pharmaceuticals in India.