Market Trends of India Pharmaceutical Industry
The Respiratory Therapeutic Category Segment is Expected to Show Healthy Market Growth in the Forecast Period
Respiratory drugs commonly comprise of bronchodilators, corticosteroids, mast cell stabilizers, anti-IgE antibodies, leukotriene receptor antagonists, antivirals, pulmonary surfactants, and respiratory stimulants, among others.
Respiratory diseases are those that affect the respiratory tracts and the lungs. These diseases are caused by infection, smoking, tobacco, passive smoking, radon, asbestos, or other forms of air pollution. Common respiratory diseases include asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, pneumonia, and lung cancer. The respiratory segment is anticipated to grow at a significant rate over the forecast period due to the rising burden of respiratory diseases and increasing air pollution, coupled with research and development in the field and the launch of new products in the Indian market.
For instance, in May 2021, the WHO reported that the self-reported prevalence of any diagnosed chronic lung disease among people aged 45-59 years was 6% in India. The most prevalent lung disease among this age group in India is asthma, which accounts for 4.4%, followed by COPD, which equals 2.1%, and bronchitis, with 1.1%. Such a high burden of diseases among age groups is leading the way toward the growth of the segment. Furthermore, in June 2022, Glenmark became the first pharmaceutical company to launch an indacaterol and mometasone fixed-dose combination drug for asthma in India. This is an innovative drug Indacaterol, a long-acting beta-agonist, and mometasone furoate, an inhaled corticosteroid that is approved by the DCGI.
Therefore, the respiratory therapy segment is expected to witness significant growth due to the rising burden of respiratory diseases and increasing air pollution, together with R&D activities and the introduction of newer drugs over the forecast period.
The Generic Drugs Segment is Expected to Show Healthy Market Growth in the Forecast Period
A generic drug is a medication created to be the same as an existing approved brand-name drug in dosage form, safety, strength, route of administration, quality, and performance characteristics. Generic drug manufacturers do not have to spend extra money on drug discovery and preclinical and clinical trials. Generics are available at a lower cost; they provide an opportunity for savings in drug expenditure in a country. Owing to such advantages of generic drugs coupled with low-cost manufacturing in the country, the segment is likely to project remarkable growth over the forecast period.
Furthermore, the presence of companies such as Alkem Laboratories, Sun Pharma, and Aurobindo Pharma Limited, among others, dealing in the generics segment, along with the growing dependence of other countries on Indian generics, is another factor responsible for boosting the segment's growth. For instance, as per IBEF data published in November 2021, India is the world's top supplier of generic pharmaceuticals. India supplies 40% of the generic demand in the United States and approximately 50% in Africa. The country has a 20% export share in the global generic medicine market by volume. About 8 out of 20 global generic companies are from India, and over 55% of the exports from the country are for highly regulated markets.
Moreover, as per the ICRA report, the GOI is planning to provide free generic medications to half of the Indian population through Pradhan Mantri Bhartiya Janaushadhi Kendras at an estimated cost of USD 5.4 billion. In addition, the officials in September 2021 stated that India is open to work with East Asian partners on the development of generic pharmaceuticals and medical technology for the treatment of COVID-19 patients and vaccine development. This will further lead to an increase in the production of generic drugs in collaboration with other East Asian companies, thereby propelling the segment's growth over the coming years.
Therefore, owing to the aforementioned factors, the generic segment is expected to witness growth at a faster pace over the forecast period.
