India has emerged as one of the leading vaccine manufacturer in recent times, producing 60 per cent of the global health vaccines.
India had accounted revenue of $ 665 million in this space, which was expected to reach $ 800 million soon, said Steven H Myint, chairman of Chennai-based Green Signal Bio Pharma.
The Indian vaccine market is forecast to grow at 23 per cent from 2009-10 through 2011-12 registering revenues around $ 2 billion.
Vaccines have emerged as one of the growth drivers of the global pharmaceutical industry, he said.
The distinguished scientist said that scare of the avian influenza, bioterrorism organisms and new emerging infections like SARS and the introduction of cancer and rotavirus vaccines have led to phenomenal growth in the vaccine market in the last few years.
Exports have a major share in the Indian vaccine market, with 70 per cent vaccines being exported.
Of the total domestic market, the private sector's share stood at $ 120 million or at 40 per cent.
Top vaccine manufacturers have a reasonably diverse product portfolio which has led to reduced competition in the Indian market.
The Indian market includes foreign majors like GSK, Sanofi, Eli Lily, and Merck to name some.
But the scene is essentially dominated by Indian players such as Green Signal Bio Pharma based in Chennai who have gained significant expertise in manufacturing practices for macromolecules with quality, but at low cost and have capitalised on the rising global demand for affordable vaccines, he said.
The global vaccine market grew at a healthy 28 per cent during 2005-08 and reached a size of approximately $ 20 billion.
Growth from the sales of vaccines has surpassed the growth in many traditional pharma areas of vaccine manufacturers such as GSK, Merck, Wyeth and Sanofi Aventis.
Globally, the US recorded the largest share in the vaccine market at around 43 per cent and Europe is the second largest vaccine market and source of production.
However, it is estimated that in the future more opportunities for manufacture and sales of vaccines will emerge from developing nations such as India and China, he said.
Prof. Myint, an eminent senior board level physician with experience in public health, academia and biopharmaceutical industries is a well known strategist, planner and organisational leader supported by outstanding research and analytical skills.
He took over as chairman of Green Signal Pharma Private Limited from its founder-president N Sundar Paripoornan in Jan 2011.
