India: Among the top five pharmaceutical emerging markets
Indian pharma market is expected to clock a 13-14 per cent growth this year.
Mumbai, January 23, 2013: Buoyed by the increasing sales of generic medicines, continued growth in chronic therapies and a greater penetration in rural markets, the Indian pharma market is expected to grow at a compound annual growth rate (CAGR) of 14-17 per cent during 2012-16. In fact, India is now in the top five pharmaceutical emerging markets across the globe. The other markets in this elite club are Brazil, Russia, Mexico, Turkey, India and China among others.
The total spending on healthcare, which stood at 4.1 per cent of the GDP in 2010, is expected to continue to increase at double-digit rates, primarily because of the rising incomes and a commitment to raise levels of public funding for the sector.
As per the IMS Health data, the pharma market will grow at a CAGR of 13.7 per cent during 2011 to 2016 with the growth for 2013 expected around 11-15 per cent.