BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Indian Pharmaceutical Market to Reach $56 Billion by 2020, Says GlobalData


10/2/2013 10:51:08 AM

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

LONDON, UK (GlobalData), 2 October 2013 - Driven by the country’s growing economy and population income, the Indian pharmaceutical market will increase significantly from approximately $21 billion in 2013 to $56 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 15%, forecasts research and consulting firm GlobalData.

According to the company’s latest report*, the medical device sector will also experience steady growth from $7.5 billion in 2013 to $15.3 billion in 2020, at a CAGR of 11%. In 2012, the main segments were ophthalmic devices (38.3%), In-Vitro Diagnostics devices (9%), hospital supplies (8.9%) and cardiovascular devices (8.1%).

Joshua Owide, Director of Healthcare Industry Dynamics, says: “India is an emerging healthcare market that has remained unsaturated due to the limited penetration of healthcare insurance and poor access to healthcare facilities, especially in rural areas. However, an increasing demand for high-quality services, affordability, and a growing medical tourism industry will provide the necessary momentum for the growth of the pharmaceutical market.”

Still, the lack of transparency in the Indian drug regulatory system and weak patent laws are a major challenge for foreign multinational companies attempting to enter or expand in the Indian healthcare market.

“In order to increase transparency in the regulatory system, the Ministry of Health and Family Welfare is planning to introduce a bill into parliament in 2013, to create the Central Drug Authority (CDA), which will replace the current Central Drug Standard Control Organization. Once the CDA is formed, it will greatly improve the regulatory environment for pharmaceuticals, medical devices and clinical trials,” says Owide.

However, there is also a need for India to improve its healthcare infrastructure in rural areas and expand its universal health coverage, since 80.6% of the population was not covered by any form of health insurance in 2012 - a factor which could hinder further growth of the market.

*CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - India

This report provides information and analysis on India’s healthcare, regulatory and reimbursement landscape. It identifies the key trends in the healthcare market and provides insights into the demographic, regulatory and reimbursement landscape and healthcare infrastructure. Most importantly, it provides valuable insights into the trends and segmentation of the pharmaceutical and medical device markets.

This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.

For guidelines on how to cite GlobalData, please see: http://www.globaldata.com/QuotingGlobalData.aspx

-ABOUT GLOBALDATA-

GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.

For more information, please contact our Press Office on +44 (0)1204 543 528 or at pr@globaldata.com.

Help employers find you! Check out all the jobs and post your resume.


Read at BioSpace.com

 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES