The pharmacy market is most likely to grow by 12 to 14 percent in the upcoming three years for domestic in India. The specialist expects the export market to grow by 8 to 14%. These estimates are based on a new report by KPMG, a professional services firm (1).
India ranks as the third-largest market by volume and 13th largest by value thanks to a 14 billion pharma industry. The driving force of the Pharmacy market in India is the epidemiological transition from infectious diseases to non-communicable diseases. The KPMG report also says that the country is a vital component in the life sciences industry.
Pharmacy Market of India Globally
The Pharmacy manufacturers of India are among the significant sources of generic drugs. They supply over 50% global demand for several vaccines, 40% generic demand of the US, and 25% of UK medicines.
There are more demands for a sturdy domestic industry as the COVID-19 crisis emphasizes the vitality of localizing parts of value change. It also ensures multiple sources for consumers.
The Government of India announced a fund of 1.3 billion to encourage domestic productions for pharma ingredients. There was a critical agitation in the supply chain due to the COVID-19 pandemic because of the nation’s dependency on abroad imports. Notably, India imports its 70% APIs (active pharma ingredients) and 60% penicillin from other Asian countries.
The Indian officials are also aiming to hike the healthcare spends via various schemes like Ayushman Bharat. India also intends to increase its public health spending to over 2.5% of its GDP in the next five years.
The credit for Indian pharmacy market growth also goes to the rising level of health-conscious among its people. Indians are more aware of various treatment options and modern medicines than before, which is contributing to the growth of the pharmacy market. Even though the product quality is a challenge, as per the KPMG report, new safeguards on manufacturing and standards of products offer the required reassurance to customers.