The Indian pharma industry is well on its way to becoming a $55 billion industry by 2020. At present, the country is proudly said to be the third largest pharmaceutical industry in the world. India continues to be the largest exporter of generic drugs to the US and even in this year, over 40 percent of the new drug approvals were from India. The country does still boast of having the largest number of facilities approved by US and other countries. Looking at our vast experience and plethora of opportunities in the near term, we can surely take the pharma industry to newer heights.
However, to make the most of the potential, there are certain concerns that need to be addressed.
Several drugs are going off patent by 2020. If Indian companies innovate and develop new drugs, they can capture a huge chunk of the global industry. Here the essential need is for innovation and a strong pipeline in terms of R&D. The long-term vision and strategic efforts of the pharma industry are key for future growth.
Read More: Indian pharma industry: Reinvent the game
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