India's pharmaceuticals market is expected to grow by

 News Article

about 15 per cent in the current fiscal  year 2008/09,

 

 

2nd Article :Suprotip Ghosh, Hindustan Times    Mumbai, November 04, 2008  ; 

                                                              First Published: 22:54 IST(4/11/2008)   ; Last Updated: 22:56 IST(4/11/2008)

Pharma market to grow 15% this fiscal

India’s pharmaceuticals market is expected to grow by about

15 per cent in the currentfiscal year 2008/09,  keeping pace

with Brazil, China, Russia, South Korea and Mexico, says a

recent study by global industry  consulting firm IMS .India’s

medicine manufacturers too would have some reason to

cheer, with expensive patented medicine falling out of

favour and governments leaning towards cheaper medicines,

where Indian companies have a price and quality edge over

their competitors in other countries, the study said.

 

The study sees a slump in the US and a surge in emerging

markets. Industry watchers feel that the

country’s medicine industry should grow by 11 to 12

per cent, driven by a renewed focus by home-grown

 pharmaceutical companies such as Torrent Pharmaceuticals.

 

“This would help India beat the slowdown in other major

markets, where growth would slow to low single  digits,” said

an analyst who did not wish to be identified. However,

Indian patients may be hit by a scarcity  of credit and

liquidity in the financial markets, said the study.

 

“Markets with large out-of-pocket spending requirements

– including Brazil, India and Russia – also are likely to

be affected by economic changes,” said the study.

 

Medicine companies with interest in US and EU markets

though, have quite a bit to look forward to, the study said.

 

In Europe, growth driven by the continued aging of the

region’s population and rising demand for

preventive care will be tempered by the increased impact

of health technology assessments, the use of

contracting by payers as a means to control costs,

and the decentralisation of government healthcare

budgets, IMS said.

 

The market for cheap medicines is expected to grow.

An additional $24 billion (Rs 1.15 lakh crore) of

patented brand products, including anti-epileptics,

proton pump inhibitors and anti-virals, will lose their  

market exclusivity in the top eight markets in 2009.

This will contribute to the sales of more than $68  billion

(Rs 3.26 lakh) in generic medicines next year, translating

to a 5 to 7 per cent growth rate – similar  to 2008 but lower

than the levels experienced in 2006 and 2007.