Figures Speak Volumes Of India's Standing In The Pharma Industry
Today with advancements in medical sciences and proactive & healthy lifestyle, people live longer, healthier and more active due to medical progress and pharmaceutical research and development. The varied functions such as contract research and manufacturing, clinical research and development pertaining to vaccines are the strength of the Pharma industry in India. The Pharmaceutical Industry in India is one of the largest in the world. It ranks 4th in the world, pertaining to the volume of
sales. The estimated worth of the Indian Pharmaceutical Industry is US$ 6 billion The growth rate of the industry is 13% per year. Almost most 70% of the domestic demand for bulk drugs is catered by the Indian Pharma Industry The Pharma Industry in India produces around 20% to 24% of the global generic drugs. The Indian Pharma sector leads the science based industries in the country. The pharmaceutical sector has the capacity and technology pertaining to complex drug manufacturing. Around 40% of the total pharmaceutical produce is exported 55% of the total exports constitute of formulations and the other 45% comprises of bulk drugs.
Industry is gearing up for the next level of growth driven by shift towards specialty products, customer centricity, focus on improving quality, operational efficiency and productivity and selective mergers & acquisitions. Even though growth has slowed down recently in the event of GST and demonetisation we believe it will be in the top 10 global markets by 2020.
And to that effect, this edition of CIO Insider is dedicated to those Pharma & Life Sciences domain players who have made a huge difference with their extraordinary efforts and innovations. This list of 10 Most Recommended Pharma & Life Sciences Solution Providers will explain why India stands where it does in the global pharma scenario.
Let us know of your opinion.