Nourished by increasing spending, improving accessibility and growing exports, India’s pharma and healthcare sector is poised for another year of robust growth even as pricing and cost headwinds could force players to pause to catch breath.
The next wave of growth could come from increasing exports to large and traditionally under penetrated markets such as Japan, China, Africa, Indonesia, and Latin America, which would help the industry meet its aspiration of becoming the world’s largest supplier by volume, according to pharma industry body Indian Pharmaceutical Alliance (IPA).
Experts said improved access to medicines in India and exploring new markets while maintaining thrust in the US will help the country’s pharma industry to record double-digit growth in the coming year.
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However, the sector, specially pharmaceuticals, will be up against headwinds of increased costs related to regulatory compliances, particularly for the US market, price controls across markets and mandatory genericisation in India.
“The Indian Pharmaceutical industry is a sunrise industry with a competitive advantage for India. We should leverage India’s position by unleashing entrepreneurial spirit through policy stability and ecosystem,” IPA Secretary General Sudarshan Jain said.
Source: Financial Chronicle
