India Generic Drugs Market to Grow at 11% during 2022 – 2028
Published | 11 February 2022
India generic drugs market is being driven by several factors, including the expanding pharmaceutical industry of India, implementation of favorable initiatives from the government, increasing foreign investment, and rising healthcare expenditure in the country…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that India generic drugs market is projected to grow at a CAGR of 11.3% during the forecast period (2022-2028). India generic drugs market is being driven by several factors, including the thriving pharmaceutical industry of India, increasing government initiatives, increasing foreign investment, and rising healthcare expenditures in the country. Moreover, the growing number of health issues and rising health awareness have also created a growing demand for generic drugs in India.
Favorable government initiatives driving the growth of India generic drugs market
Support from the government is essential for the growth of any market in any country. Currently, the Indian government is promoting its "Make in India" policy and encouraging investment in the pharmaceutical industry to make India a global hub and leader in the sector. For instance, the government has launched Production Linked Incentive (PLI) Scheme with a scheme outlay worth USD 2.9 billion. Several other schemes, such as Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS), Pharmaceutical Promotion & Development Scheme (PPDS), and others are also playing a key role in powering India generic drugs market. Additionally, the government allows 100% foreign investment in the pharmaceutical industry, which has helped the country in attracting significant foreign investment. Hence, several initiatives from the government are supporting the growth of India generic drugs market.
Injectable route of administration to register higher CAGR in India Generic Drugs Market
Based on the route of administration, India generic drugs market is bifurcated into topical, oral, injectable, and others. During the forecast period, the injectable segment is expected to register the highest growth rate owing to the quick action of injectable drugs and their minimal side effects. Oral and topical drugs require time to work and may cause side effects. In addition, injectable drugs are preferred for severe diseases and health conditions, contributing to the segment's high growth rate.
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Impact of COVID-19
There was an explosion in demand for generic medicines in India in 2020 and 2021 as the COVID-19 pandemic swept the country and the world. According to the Ministry of Commerce and Industry, Drug formulations & Biologicals registered an 11.27% increase in FY 2019-2020 from the year before. In FY2022-21, pharmaceutical exports rose 18.07% and reached USD 24.44 billion as per the Pharmaceuticals Export Promotion Council of India (Pharmexcil). Amid the recent emergence of the Omicron variant of the coronavirus, the demand for generic drugs has gone up once again with Dolo 650 and Dolo 500 registering exponential demand. The generic drug market in India is expected to grow strongly in the coming years due to government support and growing demand from both domestic and international markets.
The Leading Players in India Generic Drugs Market are Teva Pharmaceutical Industries, Wockhardt Pharmaceutical, and Sandoz - A Novartis division. Other major players in India generic drugs market are Fresenius Kabi, Aurobindo Pharma, Sun Pharma, Dr.Reddy’s Laboratories, Lupin, Cipla, and Viatris.
India's generic drugs market is a fragmented market with several major players operating within it. The new companies are battling with established players to gain a significant share of the market. Collaboration, merger & acquisitions, partnerships, and launch of new projects are some of the strategies adopted by the players operating in India generic drugs market to gain an advantage over their competitors.
Recent Development
In December 2021, Sun Pharmaceuticals announced that it is planning to set up a new manufacturing facility in Andhra Pradesh. Founder of the company, Dilip Shanghvi met Chief Minister of Andra Pradesh YS Jagan Mohan Reddy to discuss the set-up of the plant. Sun Pharmaceuticals is the fourth largest specialty generic pharmaceutical company in the world with global revenues of over USD 4.5 billion. Additionally, it is supported by more than 40 manufacturing facilities. The company supplies its drugs to more than 100 countries around the globe.
In October 2021, AbbVie, the U.S. drug manufacturer which sells the world's top selling drug, Humira, announced that it is planning to launch products in India by the end of 2023 or 2024 from its global portfolio. The company is looking to tap the potential of Indian market for unmet medical needs against diseases such as leukaemia, psoriasis, eczema and Alzheimer's. The company is also considering making India part of its phase-3 trials for potential therapies under development.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India generic drugs market size & forecast. The report promises to provide recent technology trends of India generic drugs market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
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