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Generic drugs holds 70 pc market share in Pharmaceutical sector in India

Generic drugs holds 70 pc market share in Pharmaceutical sector in India

Hyderabad, Feb 26 (UNI) Generic drugs form the largest segment of the Indian pharmaceutical sector holding 70 per cent of the market share by revenue in 2017 and this segment is expected to expand in India in the wake of Ayushaman Bharat Initiative announced by Indian government in August last year.

India is also the world’s largest provider of generic medicines, with 20 per cent of all global generics (in terms of market value) in last year coming from India, said EY, the leading global professional services organisation, in its report released at the three day inaugural function of 16th edition of BioAsia 2019 here on Monday evening.

The US is the biggest generics export destination for India which supplies approximately 40 per cent of the US’s generic drug needs, it revealed.

The generics industry continues to hold potential for growth globally owing to looming patent expires and increasing push from regulatory bodies of several countries including India, to increase uptake of generics to reduce health care costs.

The industry is also expected to expand in India in the wake of Indian government’s Ayushaman Bharat Initiative; the report said

This initiative, which was launched in August last year, aims to cover the primary, secondary and tertiary health care needs of the population in an affordable manner. It is expected to benefit 100 million poor families in the country.

Though we see multiple opportunities for growth in generic drug segment, there are also several challenges , the report stated that one one side increasing pricing pressure is opening the market for generics and on the other side that US generics pricing continues to be on a deflationary trajectory ( -6.4 per deflation across all national drug codes on y-o-y bais in April ,2018).

Increasing competition in an already crowded market, it said providers in the US continue to identify new ways to reduce costs.

In order to retain its market share in the global generics industry, Indian pharma companies need to focus on providing greater value at a lower cost while meeting quality and regulatory mandates, EY revealed.

Generic drug manufacturers can achieve this by adopting new technologies such as robotics process automation (RPA), artificial intelligence (AI), block chain to build more efficient, integrated, automated and compliant manufacturing and supply chain systems that meet global quality and regulatory requirements, the report added.

UNI KNR JTS 1322

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