Surge of the Indian pharmaceutical sector

The Indian domestic pharmaceutical market is estimated at 904 billion rupees ($15 billion) ending fiscal year 2015 with a growth of 12%. It is estimated that almost 27%-30% of the India's pharmaceutical market is catered to by multinationals operating in India.

Around 4,60,000 people are estimated to be employed in the pharmaceutical industry, according to a new report from Brand India Pharma, an initiative led by Pharmexcil (Pharmaceutical Export Promotion Council) and IBEF (India Brand Equity Foundation) under the aegis of the Department of Commerce, Government of India.

Top 20 companies account for 64% of the market. Eight out of the top 20 are growing faster than the market with Macleoids topping the list with 23.4% growth, followed by Intas at 21.3%, Cipla 19.7% Glenmark over 19.4% growth and Mankind 19.3%. Besides, India's pharma exports stood at $15.3 billion in 2014-15. There were M&A activities in the industry worth $5.78 billion, an increase of around 44.5% in comparison to 2013.

The Indian government's continuous and concerted efforts have resulted in the reach of modern medicine to almost all corners of the country and its measures have resulted in the steady decline of communicable diseases. The success of eradication of polio, small pox, etc, can be attributed entirely to the tireless efforts of the government.