India will join the league of top 10 global pharmaceuticals markets in terms of sales by 2020 with the total value reaching $50 billion by then, according to a report by PricewaterhouseCoopers.
The country's population is growing rapidly, as is its economy-creating a large middle-class that can to afford western medicines, consultancy firm PwC's report said. An ageing population together with increase in problems associated with cardio-vascular disorders and central nervous system will lead to higher demand for drugs, the report said.
Around $70 billion worth of drugs are expected to go off patent in the US over the next three years and India is capable of manufacturing a substantial share of the products. India, which produces more than 20 per cent of the world's generics, is likely to become a competitor of global pharma in some key areas, and a potential partner in others.
It has a considerable contract manufacturing expertise, the report says. "Global players in the pharmaceutical industry are seeing immense prospects in the Indian market due to its sheer demographic profile. India could be the most populous country in the world by 2050 and is now making its mark as a growing market," Sujay Shetty of PWC said.
Several Indian firms have already entered into research partnerships with multinationals--Dr Reddy's Laboratories Torrent have joined hands with Novartis while Ranbaxy has formed alliances with GSK and Schwarz Pharmaceuticals, the report added. India has the world's second biggest pool of English speaking population and a strong system of higher education, so it should be well-positioned to serve as a source for talent for research professionals, the report said.
