India’s reputation as a pharma economy is improving, according to CPhI audit
Findings released by the CPhI Global Pharma Index have shown that India’s reputation is improving with the country proving to be successful in a number of key areas and is ranked as the third most competitive nation by international pharma companies.
The CPhI Global Pharma Index is a reputation audit that draws on the insights of 500 international pharma companies from more than 40 countries, ranking the major pharma economies out of 10 across several criteria.
These findings have been released prior to the opening of the 11th annual CPhI & P-MEC India congress later this month — 27–30 November. This year’s show is set to feature seven events covering the entire pharma supply chain in India.
“Ultimately, the fundamentals of progression in the country are extremely strong — boasting over 24,000 pharmaceutical companies, and 10,500 plants — coupled with government support, increased investment and an improving regulatory reputation, there is a real sense amongst attendees at CPhI & P-MEC India that the country’s pharma sector is preparing to enter the next stage in its advancement,” explained Rutger Oudejans, brand director Pharma at UBM. “This event is the perfect place for companies to explore the latest trends and innovations the market has to offer and meet the movers and shakers in the domestic and international pharma machinery, technology and ingredients industries.”
In this audit, India was rated second globally for predicted ‘pharma market growth potential’ with respondents citing high growth domestic markets and expanding manufacturing exports as key drivers. Top of this list was China, with both China and India beating Western European countries significantly in this area. Additionally, the country was chosen as the third most competitive pharma business destination by the survey respondent.
The perception of India’s ‘API manufacturing’ ability seems to be improving also, which has been attributed to the country’s recent efforts to increase pharma manufacturing quality. In ‘quality and knowledge’ the country was rated at a comparable level to Italy and demonstrated growth in the category of ‘innovativeness’.
Looking at the domestic respondents, 80% reported that they are ‘confident’ or ‘extremely confident’ in their business outlook for India’s market in 2018. Furthermore, 88% of domestic respondents were looking to work with foreign partners in 2018, with on average 50% of sales to foreign companies.