Indian pharma industry to touch 20 billion us dollar mark by 2020; heres why its crucial
In a great news for India, while the country is already leading destination for medical tourism across the world, the pharma industry is now slated to touch usd 20 billion mark by 2020 year.
This according to the ASSOCHAM study which puts the pharma industry in India currently at 16.5 usd billion worth.
This would mean a compounded annual growth rate (CAGR) of about 30%, according to industry experts.
Indian pharmaceutical sector is expected to register a growth of about 16% in 2018 and is likely to touch $55 billion by 2020 from the current level of $28 billion, reveals joint study.
Most of the exports are in the generic drug category, ASSOCHAM sources informed.
India is the third-largest global generic Active Pharmaceutical Ingredient (API) manufacturer in terms of market share and generic drugs form the largest segment of the Indian pharmaceutical sector and today.
India is easily the largest provider of generic medicines globally by volume.
India has 24,000 pharmaceutical companies, 250 of which are in the organized category. >