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CareEdge Research Report
The Indian pharmaceutical industry has demonstrated a compounded annual growth rate of approximately 8% from FY17 to FY23, resulting in a market size of ~$50 billion. This growth is attributed to an 8% CAGR in domestic consumption and a 7% CAGR in exports during the same timeframe.
The foreseeable future presents a promising outlook for the industry in exports market, characterised by increasing demand within both regulated and emerging pharmaceutical markets.
Furthermore, the impending expiration of patents on certain drugs presents an opportunity for substantial export growth, anticipated to be around 8% during FY24 and FY25. This trajectory is expected to culminate in a market size of ~29 billion by FY25.
Although regulatory concerns persist as a noteworthy point of vigilance, Indian pharmaceutical companies have proactively equipped themselves to address these challenges through the implementation of risk mitigation measures.
Notably, Indian pharma companies have diligently constructed a robust abbreviated new drug application product pipeline, securing an impressive 48% share of the total ANDA approvals granted by the U.S. Food and Drug Administration in CY22.
The industry's growth is underpinned by several key drivers, including the patent cliff, targeted research and development efforts directed towards specialty products, an aging population, and the prevalence of lifestyle related diseases.
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