The Indian pharma industry is on a good growth path and is likely to be in the top 10 global markets in value term by 2020, according to the PwC – CII report titled “India Pharma Inc: Gearing up for the next level of growth”.
High burden of disease, good economic growth leading to higher disposable incomes, improvements in healthcare infrastructure and improved healthcare financing are driving growth in the domestic market, the report highlighted.
The Indian pharma industry has been growing at a compounded annual growth rate (CAGR) of more than 15% over the last five years and has significant growth opportunities. However, for the industry to sustain this robust growth rate till 2020, companies will have to rethink their business strategy. They will have to adopt new business models and think of innovative ideas to service their evolving customers faster and better.
Sujay Shetty, leader, pharma life sciences, PwC India, said, “The industry has seen many regulatory interventions over the last one year, which will require careful consideration by Pharma companies as they plan their future strategies.
Pharma companies will continue to grow both organically and inorganically through alliances and partnerships. They will continue to focus on improving operational efficiency and productivity. Developments in the health insurance, medical technology and mobile telephony can help the growth of the pharma industry by removing financial and physical barriers to healthcare access in India, he added.”
Rajiv Modi, chairman CII pharma summit & vice chairman, CII Gujarat State Council said, “The report highlights the different levers that have fuelled the growth of the Indian market, emerging new business models, as well as the key success factors that need to be kept in mind to achieve sustainable long-term growth.”
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