Pharmaceutical companies in India are growing at a very fast pace and this has made the Indian pharmaceutical industry as the second largest growing industry. Also the pharmaceutical industry in India is the third largest in the world, which will be of US$20 billion by 2015. Mergers and acquisitions are the part of this growth. The compounded annual growth rate of pharma in India is 12-15% and the global figures are 4-7% for the period of 2008-2013. With such a profound growth of pharmaceutical companies in India numerous pharmaceutical jobs can be seen. This in turn is helping biotechnology industry and booming the biotechnology jobs in India.Angel Broking has done a research on the growth of pharmaceutical industry and found that by 2015 the pharmaceutical industry in India will be in the top 10 markets. Yet another finding of FICCI-Ernst & Young study reveals that the population of high income group in India is rising which will give rise to more influx of MNCs and expensive drugs.Pharmaceutical companies along with native companies are also competing with the top MNCs. Such a profound growth is because of the heavy population figures and with the increasing number of middle class people and their income the access to drugs and medicines is also increasing. But still the low-priced generics are popular in Indian pharmaceutical industry.From India in year 2007-08 total of US$ 8.25 billion were exported and there was seen 29% rise in this figure in 2009. MR Anand Sharma, Union Minister of Commerce said that pharmaceutical sector in India has grown and it is the major contributor to exports from India. In 1990 the amount was meager as compare to today’s massive figures.Initiatives by Government
Tax breaks are offered to pharma industry
New procedure for the development drugs
Proper clinical procedures
New Millennium Indian Technology Leadership Initiative and the Drugs and Pharmaceuticals Research Programme – Two schemes launched by the government. Some Vital Information on Pharmaceutical Companies in India
In terms of volume – India’s pharmaceutical industry is the third largest in the entire world.
In terms of value – India’s pharmaceutical industry ranks fourteenth
By 2015 – It will be in the list of top 10 global pharmaceutical markets and it will touch US $ 20 billion.
2008-2009 – Saw 29% growth in exports of pharmaceutical drugs as compared to 2007
2013 – Indian formulation market is expected to touch US$ 13.7 billion
Top 10 Pharmaceutical Companies in India
Dr Reddy’s Laboratories
Sun Pharma Industries