Indian Pharma & India Medical Devices 2019 inaugurated at Bengaluru 

  Bangalore, February 18, 2019

 

India is the largest provider of generic drugs globally and caters to over 50% of global demand for various vaccines, 40% of generic demand in the U.S. and 25% of all medicines in the U.K. India, followed by the U.S. and China, has the fastest growth potential. In competitiveness, India ranks third.  The top two are U.S. and Germany.  In reputation ranking, India is sixth, while China ranks tenth said Shri. D. V Sadananda Gowda, Union Minister for Chemicals & Fertilizers and Statistics and Programme Implementation.

The minister addressing the inaugural session of the two day Indian Pharma & India Medical Devices 2019  at Bengaluru said that, India is a leading exporter of affordable generics to many countries including the developing and developed nations and well will continue to discharge our responsibilities.  We intend to continue formulating plans that are based on sound science, technology, business sense and ethics. We continue to strive to increase the case of doing business in India for which several measures have already been announced and many others will follow the minister added.

The minister further stated that the industry in 2017, was facing steep headwinds on account of lower generic opportunities, rising competition, supplier consolidation and increase in regulatory alerts for Indian Pharmaceutical firms.  But, with several corrective measures and improvement in exports, growth seems to be coming back. The pharmaceutical industry in India was valued at over USD 34 Billion in FY18 with an almost 50-50 share of domestic and export markets.  It is expected to grow at a CAGR of 15% in the near future the minister said.

Talking about the medical device industry the minister said that the medical devices industry in India is presently valued at USD 5.2 billion and contributes 4-5 per cent to the USD 96.7 billion Indian health care industy.  Currently, India has about 750-800 medical device manufacturers in the country, with an average investment of Rs.170-200 million and an average turnover of Rs.450-500 million he added.

The industry has steadily grown and witnessed a surge from USD 2.02 billion in 2009 to USD 3.9 billion in 2015 at a CAGR of 15.8 per cent.  As per industry estimates, the Indian medical devices market will grow to USD 50 billion by 2025.  Currently, India is counted among the top 20 global medical devices makert and is the forth largest medical devices market in Asia after Japan, China and South Korea the minister said

The Minister of State for Road Transport & Highways, Shipping and Chemicals & Fertilizers, Shri Mansukh L. Mandaviya and the Secretary, Department of Pharmaceuticals, Sh. J.P. Prakash and other dignitaries  were present in the inaugural session.  

 

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