The Rs 36,000-crore (Rs 360-billion) Indian pharmaceutical market is likely to grow at 19.4 per cent on the back of rising health consciousness and increasing affordability of the expanding middle class coupled with health insurance facilities in the country by 2015, according to a CII study.
The study, 'CII-Interlink paper on growth agenda of pharmaceutical industry in India' has been conducted by Interlink, a business and management consulting firm.
Middle class population, health insurance facilities, unpenetrated markets, marketing efficiencies, generics and brand development are the
six key drivers which would push the growth in the domestic pharmaceutical segment.
These drivers together will contribute an estimated 6.64 per cent to the growth of Indian pharmaceutical market which is poised to grow at 19.64 per cent by 2015.
Also, the developments may trigger the pharmaceutical industry to be more focussed to meet the challenges of innovations and pricing pressures, the paper pointed out.
Besides this, a large number of patients who are either untreated or under-treated in the country would lead increased demand for newer and better medicines, the paper said.