India’s major pharma event exposes opportunities in the market
CPhI & P-MEC India, the country’s most coveted show for the pharmaceutical industry has kicked off 3-5 December in Mumbai.
Over 1000 companies from 95 countries and an estimated 28,000 international visitors have participated to explore the opportunities the country’s industry has to offer in terms of sourcing and consumption.
Moreover, the UBM India Pharma Awards has been held with Desh Bandhu Gupta, Chairman of Lupin Laboratories was awarded the Lifetime Achievement Award; and Vijay Kumar Ambati of Clearsynth was conferred with Emerging Entrepreneur of the Year Award.
Joji George, Managing Director of UBM India, commented that the turn out of the event is indicative that India has climbed up the global value chain, weaning from the image of being a mere destination of low-cost manufacturing and low-end bulk drugs.
Speaking at the UBM India Pharma Awards, Mr. Satej D Patil, MoS, Home (Urban & Rural), Rural Development, Food & Drug Administration, said predicted that the Indian pharma industry is likely to be one of the top 10 global markets by value by 2020. “The emerging markets will be the drivers of the pharma industry growth and we will see a shift back to volume growth as a key measure of performance. The healthy growth reflects the inherent strengths of the industry and improving healthcare standards in the country. Over the years, pharma companies have grown inorganically through acquisitions, but due to higher valuations seen in the sector over the last two years, they have been exploring newer methods of partnerships such as joint ventures and licensing of innovator products and technologies. Companies are focusing on improving operational efficiencies, which have yielded results. Going forward, India should leverage its strengths in the supply of low-cost, quality medicines across the world and play a larger role in the Global pharma market”.
Category: General health news, Pharmaceuticals
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