India’s generics market expanding, according to data released at CPhI WW

During this year’s CPhI Worldwide congress in Frankfurt, the India Brand Equity Foundation (IBEF) and the Pharmaceuticals Export Promotion Council (Pharmexcil) provided an update on India’s generics market, confirming it accounts for 98% of the marketplace.

The data presented showed that the country accounts for over 20% of global production of generics with a value that currently exceeds $12 billion. Pharmexcil also forecasted that generic exports are now growing at around 22% per year, covering more than 60,000 brands and 60 therapeutic classes.

“A key driver for this growth is India’s extensive product portfolio, which provides the capability to manage and treat any ATC (Anatomical therapy classification) — to the same quality as the innovators — at highly affordable costs,” commented Shri Ravi Udaya Bhaskar, director general, Pharmexcil. “The industry has been working diligently towards enhancing its capabilities and strengths. This includes its more than 950 colleges, which deliver over 90,000 pharmaceutical graduates per year, of which, 30,000 have completed master’s degrees. Moreover, government’s policies are directed at increasing infrastructure facilities to help enable manufacturing to reach its highest potential — with pharma exports expected to reach $20 billion by 2020.”