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India Pharmaceuticals and Healthcare Report Q1 2011
Business Monitor International, Jan 2010, Pages: 98
The India Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on India's pharmaceuticals and healthcare industry.
Underpinned by relative political stability and driven by a booming economy, India's pharmaceutical market is highly promising. Combined sales of prescription drugs and over-the-counter (OTC) medicines are forecast to increase from INR739.3bn (US$15.65bn) in 2009 to INR837.7bn (US$18.05bn) in 2010.Due to the strengthening rupee, this equates to year-on-year (y-o-y) growth of 13.3% in local currency terms and 15.3% in US dollar terms.
BMI data show that India has the fourth largest pharmaceutical market in the Asia Pacific region, behind Japan, China and South Korea. However, per-capita spending of US$13.5 is among the lowest in the world, similar to the levels of Pakistan and Vietnam. Pharmaceutical expenditure in 2009 was 1.19% of GDP, which is below the global average of 1.43%.
Although India's score increased from 55.3 to 56.0 in the Asia Pacific Pharmaceuticals & Healthcare Business Environment Ratings for Q111, the country has dropped from eighth position to ninth, due to Malaysia's score increasing from 54.6 to 56.6. India’s Country Rewards score increased from 40 to 43,while the other major indicators – Industry Rewards, Industry Risks and Country Risks – remained unchanged compared with Q410.
In November 2010, it emerged that India's Ministry of Health & Family Welfare (MHFW) is planning prescription drug audits in hospitals to tackle the over-prescribing of antibiotics and the irrational use of expensive branded medicines. Even if the scheme is approved, BMI is sceptical about whether the surveys will achieve these goals. Over the past couple of years, the Indian government has enacted several healthcare initiatives – most prominently the Jan Aushadi low-cost generic drugstores – that have failed to meet expectations.
It is BMI’s view that India's pharmaceutical pricing system is relatively enlightened for an emerging market, primarily because it seeks to ensure affordable medicines for all patients. The methodology is also uncommonly transparent, unlike the majority of developing countries. However, the system has several deficiencies and operates far below standards seen in developed countries. Key concerns include an outdated essential medicines list and the restricted remit of medicines. Both domestic and foreign drug makers occasionally find the pricing system challenging.
In terms of October 2010 moving annual total (MAT) pharmaceutical sales in India, the leading company is Abbott + Piramal + Solvay (US$699mn), followed by Cipla (US$641mn), Ranbaxy (US$533mn)and GlaxoSmithKline (US$532 mn). The fastest growing companies among the top 25 drug makers were Macloeds (+35%), Mankind (+29%), IPCA (+25%) and Lupin (+24%).
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