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The Indian Pharmaceutical Market Outlook To 2014: Market Trends, Key Players, Forecast
Business Insights, June 2009, Pages: 142
India’s per capita healthcare expenditure is well below international recommendations and compares poorly with the other emerging economies (Brazil, Russian Federation, China, Republic of Korea, Turkey and Mexico). Despite an improvement in the country’s healthcare infrastructure over the recent past, there remains a lack of health centres and shortage of health personnel.
India has an extensive healthcare system, reaching even remote areas, yet the country's performance on health indicators remains low. Consequently, private healthcare services have been growing. Publicprivate partnerships have also grown, and represent a promising option which also deals with some of the welfare goals of the state. These partnerships are forged with the objective of improving the quality and efficiency of healthcare delivery while maintaining accessibility and availability for all. Success rate of such initiatives has been variable across states thus far, yet this is a trend set to stay in the country’s healthcare system.
As per the 2008 sales figures, the Indian pharmaceutical market currently ranks 13th among the major global markets, with sales of $7.7bn in 2008. Yet the promise that the country’s pharmaceutical market holds for the long term is much bigger even though its economy has been growing at a slower rate than China. The Indian Pharmaceutical Market Outlook to 2014’ provides comprehensive coverage of the Indian pharmaceutical market, incorporating the market structure, pricing and regulation and detailed analyses of the leading companies and likely healthcare reforms. The report makes a wide-ranging assessment of the marketed product portfolios, R&D pipelines, market share data, sales forecast and competitive landscape of the major players in the Indian market. Furthermore, it highlights the key market and R&D trends that may influence treatment sales, with a thorough analysis of the competitive dynamics of leading brands within the country and across different indications, in order to enable the reader to identify growth trends, key drug classes and leading players through to 2014.
Key findings
Private healthcare systems have been growing in the country due to the rising income levels of people and the inefficiencies of the public systems. The qualified pool of doctors and the advanced infrastructure of these private medical facilities at costs significantly below the developed countries, has positioned India at a strategically advantageous position to grow as a medical tourism hub.
India’s rapidly growing middle class and the ageing population make it an attractive investment destination. The pharmaceutical market is expected to grow at a CAGR of 12.3% through 2014 which could even surpass other emerging economies such as China.
In 1972, a law was passed in India that allowed local manufacturers to manufacture drugs that were still patent protected, with the use of alternative processes. Such a patent regime, though non-compliant with international standards, provided a boost to the local generics industry which could provide drugs both locally and to other emerging markets.
In light of the increasing pricing pressures on the global pharmaceutical industry and a newly found emphasis on generics in countries such as the US, leading global players have been strategizing to evolve an all-new hybrid business model in line with the Novartis–Sandoz model.
Use this report to
- Develop an understanding of the Indian healthcare system and the issues facing it.
- Understand the IP laws in India and how they affect the local and global pharmaceutical industry.
- Discover the new strategies and evolving new business models that companies are developing in order to sustain profitability in the new economic and political climate.
- Gain up-to-date competitive intelligence and understand the major issues affecting the leading pharmaceutical companies.
- Compare the franchises of top pharmaceutical players across major indications, and understand how market share of leading companies will change over the next five years.
- Compare and contrast SWOT analyses of the leading pharmaceutical players to understand their relative market positioning over the next five years.
Key issues
Low healthcare expenditure. Healthcare expenditure in India compares poorly with other emerging markets such as Brazil, Russia and China. In 2006 for instance, the country’s per capita expenditure on health was $109 as against a high of $1,487 in countries such as the Republic of Korea.
Underutilization of funds. Even though there are indications of an increase in public budgets for health, the Central Ministry at the same time is also known to surrender budgets frequently. Possible reasons towards this trend range from institutional to systemic – lack of attention on maintenance of assets and operational expenses, little flexibility and lack of uniformity in health budgeting across the central government and the states, and the impossibility of tracking expenditures by states.
IPR regime stifling innovation. Intellectual property protection in India has been deemed as insufficient and cases of some leading global drugs are testimony to the fact. For instance Novartis’ Glivec patent application was rejected in January 2006 on the premise that the compound is a derivative of a known substance and does not offer significant improvement in efficacy.
Discover
- What is the regulatory setup of the Indian pharmaceutical market?
- How does the Indian pharmaceutical market compare with other emerging economies?
- What will be the major growth drivers in the Indian pharmaceutical market over the period 2008-14?
- Which companies were leading the Indian pharmaceutical market in 2008?
- What are the key relative strengths of the leading pharma companies in India?
- Which therapeutic categories have the potential to drive significant growth in the market over the period 2008-14?
- What are the promising R&D pipeline products and the timeline of commercialization?
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