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India in financial free fall?

Economy faces challenges, but a robust pharmaceutical market offers promise.

Pharmaceutical market bodes well for India's struggling economy.
Pharmaceutical market bodes well for India's struggling economy.

An Aug. 20 washingtonpost.com article reports, “The Indian rupee is in a free fall, and the nation is aflutter.”

The story adds, “India is grappling with a huge budget deficit…Economic growth slowed to a dismal 5 percent last year, the lowest in a decade. Prices are spiraling. Foreign investors are no longer lining up; some are even packing up.”

Despite such pessimistic economic news, recent studies suggest an optimistic future for the country’s pharmaceutical sector. An Aug. 20 press release entitled, “World’s pharmaceutical development manufacturing base moving to India,” reports that the India Brand Equity Fund (IBEF) predicts that the “Indian pharma market is now at the precipice of the next stage in its development, having seen manufacturing innovation and development technologies rise—thanks to the explosion in generics production.”

The press release says, “Over the last three years exports of pharmaceuticals (largely generics) have grown at over 21.5% [Compound Annual Growth Rate] and now account for over $13bn in annual sales. Highlighting India’s dominance, nearly 40% of Abbreviated New Drug Applications (ANDA) received by the [U.S. Food and Drug Administration] in 2012 were from India, with a further 87 confirmed and another 25 already received between January and June 2013.

“This huge growth in generics production has seen the country become a hotbed of manufacturing innovation—India has over 3,000 DMFs registered with FDA—which coupled with increased investments in R&D means India is now ready to challenge traditional big pharma and start producing more patented products. A natural evolution of the success of the generics market has been the rise in supergenerics across India where much R&D spend is currently being invested.”

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