India is the third largest producer of pharmaceuticals
across the world according to Srikant Kumar Jena, the Minister of State for
Chemicals and Fertilizers, Government of India. India has the share of 10%
in the total pharmaceutical volume produced across the world. But in term of
value India pharmaceutical industry stands at 14th position with mere 1.5%
of the total global share. It is expected that pharmaceutical manufacturing
opportunities in India will be at US$ 18 to 20 billion.
Position of India Pharmaceutical Industry
- In terms of volume - 3rd
- In terms of value - 14th
- In terms of generic production - 4th
- In terms of export value - 17th
There has been seen immense growth related to infrastructure, technology
and this has led to the Indian pharmaceutical industry to become an industry
that has total worth above Rs. 1,00,000 crores (US $ 2 billion). Also
according to the Mckinsey and Company's report pharmaceutical industry in
India will touch USD 40 billion by 2015 that at present is USD $ 20 billion.
Also the contract manufacturing business will see 25% growth so from US $ 4
billion in 2007 it will reach to US $ 10 billion in 2015. Along with this
the contract manufacturing opportunity for India will reach to US$ 18 to 20
billion.
This shows that India pharmaceutical market is competing on the global
front and soon it will be the king of the world.