INDIAN DRUGMAKERS TO TAKE ADVANTAGE AS DRUGS GO OFF-PATENT
The Indian drug market will grow by 11% in 200708,
to reach a total size of INR600bn (US$13.67bn), as US$65bn worth of medicines
lose their patent protection in the period, according to a recent study by industry
body Assocham. The study also forecasts that Indian drug exports will grow by
18% in 200708 to reach INR300bn (US$6.84bn), compared to a figure of INR155bn
(US$3.53bn) in 200304.
Industry observers claim that Indian drugmakers will be in a prime position to capitalise on the off-patent windfall, owing to their low production costs up to 50% less on average than in developed countries and their access to a wide base of quality manpower. By 2008, it is estimated that India's drug firms will have increased their share of the global market to 30%.