With a population of over 1.269 billion India represents more than 17% of the global headcount. The dense population is more than a reason for a super active medical industry. India stood at the 12th largest growingpharmacy industryaccording to the study ended in 2011. Further projections are on and the Indian pharmaceutical market is estimated to be the world’s 8th largest by the end of 2015. The sector has a double digit CAGR average of 12% and this is fueled by the factors mentioned below.
Constantly increasing population
Growing demands for healthcare facilities and hospital sector
Increased availability of affordable prescribed drugs
Growing number of acquisitions and mergers in the healthcare sector providing a gate to international pharma players
BIOSIMILARS –is the latest emerging term in the medical industry which is also popular as the follow-on biologics; biological medical products whose active substance is manufactured or derived from a living organism using the methods of recombinant DNA or the controlled gene expression methods. In the recent few years, this segment of the healthcare industry has grown exponentially as the need for biopharmaceutical (biologic) is in high demand. This state of progress of the industry is seen in both Indian and foreign markets and thus the global worth are projected to reach a whopping worth of $220 billion by the end of 2019.
There has already been active participation by renowned medical groups like Biocon, Dr. Reddy’s Laboratory and Reliance Life Sciences. These companies have a strong foothold in the market share within the country and presently they are trying to expand their markets to the European markets. However, they are finding it tough due to the “stringent regulatory pathway” present in the European nations.
Under the current trends the Indian Biosimilar industry is expected to reach $3.7 billion which in comparison would be a massive jump from the 2011 industry value of $378 million.
The 5th Biosimilars Congregation 2014 scheduled to take on the 10th of September, 2014 at the Kohinoor Continental Hotel in Mumbai, India is a great way to bring together all the top pharmaceutical, biotechnology and regulatory representatives under one roof. This would be a precious opportunity to discuss the future of the sector and share valuable insight regarding the same. Therefore, the conference is expected to see huge numbers of present and potential part-takers and loads of information on the Indian Biosimilars Industry is expected to uncover a comprehensive outlook on key issues surrounding the Biosimilar sector.