India's pharma industry expected to grow to $55 bn by 2020

The rapidly growing pharmaceutical market in India is expected to be worth USD 55 billion by 2020, becoming the sixth largest market globally in absolute size, an Indian envoy has said in New York in June, 02, 2016.

Inaugurating the 34th annual convention of the American Association of Physicians of Indian-Origin (AAPI), India's ambassador to the US Arun Singh said the Indian pharmaceuticals market is growing rapidly, from USD 6 billion in 2005 to USD 55 billion by 2020. He said by 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size. 

He said by 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size. 

Mr. Singh said branded generics dominate the pharmaceuticals market, which constituting nearly 70 to 80 per cent of the market. India is the largest provider of generic drugs globally with the Indian generics accounting for 20 per cent of global exports in terms of volume.

India's cost of production is significantly lower than that of the US and almost half of that of Europe, which gives a competitive edge to India over others. 

Praising the contributions of AAPI members in the US and India, Singh said they have made significant contributions through hard work, commitment and dedication to the profession and the people. 

Nearly 1,500 AAPI delegates from across the nation attended the convention. 

AAPI President Seema Jain called on the delegates to "step up to a new era of innovation through a new age of digital healthcare that transcends biological and chemical medicine into the future." 

"As physicians, we must be equipped to tackle the next generations unique set of challenges and opportunities in healthcare," Jain said. 

Congressman Lee Zeldin said Physicians of Indian-origin are well known around the world for their compassion, passion for patient care, medical skills, research, and leadership. @ Source:  Economic-Times

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