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The world’s largest producer of generic drugs, India is renowned for its low-cost generic drugs and vaccines. The Indian pharmaceutical industry has developed over time into a thriving industry, growing at a CAGR of 9.43% over the past nine years, and is currently ranked third in pharmaceutical production by volume.
Some of the key sectors of the Indian pharmaceutical industry include generic drugs, over-the-counter medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics.
Indian Markets
India has 500 API producers, which accounts for about 8% of the global API market, and the most number of pharmaceutical manufacturing facilities that are in compliance with the US Food and Drug Administration (USFDA).
IQVIA estimates that the Indian Pharmaceutical Market (IPM) will have a Moving Annual Turnover (MAT) of Rs. 1,93,838 crore in 2022, reflecting a growth of 7%.
In terms of growth, the report forecasts that Chronic TAs will outperform Acute TAs in 2022 (9% MAT versus 5% MAT), with a growth in sales value of 7% (MAT) being recorded.
In 2022, MNCs’ relative performance grew at a slower 4% than that of Indian pharmaceutical companies, which increased by 7%. Additionally, there were 3032 new launches in 2022 compared to 2021, an increase of 2%.
Respiratory experienced a significant growth of 11% among Chronic TAs, followed by CNSCardiac and Diabetes both experienced single-digit growth of 7% and 6%, while Uro and Pain also experienced double-digit growth of 16% and 21%, respectively.
Gastro, Acute Pain, and Gynec led the growth for Acute TAs with increases of 11%, 10%, and 15%, respectively. Antivirals, on the other hand, displayed a -59% degrowth due to a high base in 2021. Derma and Anti-infectives, Vitamins, Minerals, and Nutrients (VMN) both experienced single-digit growth during this time.
The pharmaceuticals, which include pain, anti-infectives, respiratory, and gastric medications, are responsible for the 5% growth of the acute market.
