The pharmaceutical industry in India is the world's third-largest in terms of volume.[1][2] According to the Department of Pharmaceuticals of the Indian Ministry of Chemicals and Fertilizers, the total turnover of India's pharmaceuticals industry between 2008 and September 2009 was US$21.04 billion.[3] The domestic market was worth US$12.26 billion. The industry has a market share of $14 billion in the United States.[4]
According to the India Brand Equity Foundation, the Indian pharmaceutical market is likely to grow at a compound annual growth rate (CAGR) of 14-17 per cent in between 2012-16.[citation needed] India is now among the top five pharmaceutical emerging markets of the world.[citation needed]
Exports of pharmaceutical products from India increased from US$6.23 billion in 2006–07 to $10.1bn in 2013(according to ibef india) a combined annual growth rate of 21.25%.[3]According to PricewaterhouseCoopers (PWC) in 2010, India joined the top 10 global pharmaceutical markets in 2020 with turnovers reaching US$50 billion.[5]
The government began encouraging the growth of drug manufacturing by Indian companies in the early 1960s, and with the Patents Act in 1970.[6] This patent act removed composition patents from foods and drugs, and though it kept process patents, these were shortened to a period of five to seven years.
The lack of patent protection made the Indian market undesirable to the multinational companies that had dominated the market and as they left, Indian companies carved a niche in both the Indian and world markets by reverse-engineering new processes for manufacturing low-cost drugs. Although some of the larger companies have taken baby steps towards drug innovation, the industry as a whole has not changed its business model.[7]
In 2009-10, India's biopharmaceutical industry grew at 17 percent, with revenues of Rs. 137 billion ($3 billion). Bio-pharma was the biggest contributor, generating 60 percent of the industry's growth at Rs. 88.29 billion, followed by bio-services at Rs. 26.39 billion and bio-agri at Rs. 19.36 billion.[8]
In 2013, there were 4,655 pharmaceutical manufacturing plants in India, employing over 345 thousand workers.[9]
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