India has established itself as a global sourcing hub for generic APIs due to availability of large pool of scientifically skilled professionals and a robust manufacturing infrastructure. Lower costs of production and strong process chemistry skills have enabled Indian pharmaceutical companies to gain market share in regulated markets. The country manufactures over 350 APIs across therapeutic areas including anti-retrovirals, anti-infectives, Cardiovascular, Anti-diabetics, and Oncology segments. Rising expenditures on healthcare and increasing demand for generic drugs can drive the market growth.
Market Dynamics:
India active pharmaceutical ingredients market growth is driven by rising availability of affordable treatment options due to a large domestic population base and rapidly growing exports. Strong process chemistry skills and lower costs enjoyed by domestic manufacturers compared to Western counterparts drives the market growth. However, stringent regulatory norms in overseas markets and environmental compliance issues can hamper the market growth. Moreover, dependence on imports for key starting materials limits self-reliance. Development of complex generics and novel drug delivery systems can offer opportunities in specialty/orphan drugs segments. Investments in R&D and upgradation of technological capabilities is crucial for companies to sustain leadership in long run.
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