Indian pharmaceutical exports: The growth story
The Indian pharmaceutical industry is the largest supplier of cost effective generic medicines to the developed world. With the widest range of medicines available for exports and with the availability of the largest number of approved pharmaceutical manufacturing facilities, India is all set to become the leader of pharmaceutical exports to the world.
According to IBEF, the domestic Indian pharmaceutical industry is estimated to be $ 26 billion in 2014 growing at nearly 20 percent and is expected to reach nearly $ 50 billion in 2020. It is evident that a lot of internal factors are responsible for the growing Indian pharmaceutical industry. There are more than 200 companies which are manufacturing medicines for the largest population in the world which adds to the prevailing competition on the domestic front.
To explore further opportunities of growth, the Indian pharmaceutical industry players, particularly the large ones have set up their subsidiary companies, regional offices or taken over local companies in other geographies and many have even set up their manufacturing plants in developed nations too. All these activities have been continuing since the last 10 years particularly which have made the Indian pharmaceutical industry command a strong global presence.