India is rapidly becoming a global hub for all pharmaceutical manufacturing and research, and Indian generics today constitute nearly a fifth of global supplies. India tops the world in exporting generic medicines worth US $ 11 billion. Generics are expected to continue to dominate the market while patent-protected products are likely to constitute 10 per cent of the market till 2015, as per a McKinsey Report.
India's pharmaceutical sector is set to touch US$ 45 billion by 2020, according to a major study by global management and consulting firm. In the period 2002–2012, the country's healthcare sector grew three times in size, touching US$ 70 billion from US$ 23 billion. India's pharmaceutical market experienced a similar boom, reaching US$ 18 billion in 2012 from US$6 billion in 2005. The Report further states that the Indian pharmaceutical market will be the sixth largest in the world by 2020.
The rise of pharmaceutical outsourcing and investments by multinational companies (MNCs), allied with the country's growing economy, committed health insurance segment and improved healthcare facilities, is expected to drive the market's growth.
Multinational drug companies are showing a healthy growth in the Indian market setting a new trend. In terms of sale, out of 25 top medicine brands in 2011, 13 were global drug majors such as Pfizer, GSK and Novartis.
India is today one of the top emerging markets in the global pharmaceutical scene. The sector is highly knowledge based and its steady growth is positively affecting the Indian economy. The organised nature of the Indian pharmaceutical industry is attracting several companies that are finding it viable to increase their operations in the country.
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