Indian Pharma sector to reach $55 billion by 2020

The Indian pharmaceutical market is expected to be worth $55 billion by 2020, becoming the sixth largest market in the world, according to India's Ambassador to the USA, Shri Arun Singh who inaugurated the 34th annual convention of American Association of Physicians of Indian Origin in New York recently.

India is likely to rank amongst the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, he added. India is the largest provider of generic drugs in the world, accounting for 20% of global exports in terms of volume. The cost of production is considerably lower than that of the USA and almost half of that of Europe.

Almost 1,500 AAPI delegates from throughout the country participated in the convention. AAPI President Seema Jain encouraged delegates to increase innovation through increased use of digital healthcare for biological and chemical medicine.