According to the UBM India report global pharma market is presently estimated to be over $1 trillion in value, of which the US accounts for over 40%, followed by the European Union and Japan. The global pharmaceutical market is divided into patented pharma products and generics. Generics market currently account for over 45% of the global market by volume and about 20% by value. In India, about 70% revenue comes from generics, 21% from over-the-counter drugs and the rest from patented drugs.
Indian pharmaceuticals market is the third largest in terms of volume and 13th largest in terms of value. India’s exports are expected to account for 72% of the total Pharma production and reach a value of $40 billion by 2020. India, currently has second highest number of US Food and Drug Administration (FDA) approved plants after the US and accounts for 22% of overall US FDA approved facilities.
The Indian Pharmaceutical industry has been growing at a compounded annual growth rate (CAGR) of more than 15% over the last five years and has significant growth opportunities. However, for the industry to sustain this growth rate till 2020, companies will have to rethink their business strategy. They will have to follow new business models and think of innovative ideas to service their evolving customers faster and better.
India's cost of production is significantly lower than that of the US and almost half of that of Europe and that gives a competitive edge to India over others. Pharma companies will continue to grow both organically and inorganically through alliances and partnerships. They will continue to focus on improving operational efficiency and productivity. Developments in the health insurance, medical technology and mobile telephony can help the growth of the pharma industry by removing financial and physical barriers to health care access in India.
With this background the conference "PHARMA Confex 2017” with the theme, "Indian Pharma Sector : Cost Competitiveness and Quality Management” was organised on April 20-21, 2017 at Ahmedabad Management Association, Ahmedabad.
The conference was inaugurated by Dr. Surinder Singh, Director, National Institute of Biologicals, (NIB), Ministry of Health & Family Welfare, Govt. of India, New Delhi. Dr. H. G. Koshia, Commissioner - Licensing Authority (Drug) & Commissioner of Food Safety, Office of the Commissioner, Gandhinagar delivered the special address. The Keynote speaker was Dr. Daara Patel, Secretary General, Indian Drugs Manufacturers Association, Mumbai and Dr. Shirish Belapure, Managing Director, Zydus Hospira Oncology Pvt. Ltd., Ahmedabad was the guest of honour.
The first day inaugural session was followed by 3 technical sessions and 2 on second day. The conference was attended by around 300 delegates consisting of industry, Policy Makers, Regulators, Bulk Drug & Formulation Manufacturers, Biopharmaceutical Companies, Pharma Exporters, R & D Professionals, CMOs and CROs, Health Policy Experts, Pharma / Medical Equipment Makers and Suppliers, Healthcare Consultants, Strategic and Financial Adviser, Bankers /Venture Capitalists, Consultants, Certification Agencies, Academicians /Researcher / Institutions Heads, etc.
The deliberations during the two days were gone a long way in creating awareness. With the encouraging response from industry and professionals, the maiden event was a grand success.
