Bangalore, May 15, 2008: Lifestyle changes in India is fuelling the growth of Indian pharma sector and if indications are right, the industry, already growing faster than the world average, might double its business in just five years.

 

A new market report, “Indian Pharma Sector Analysis,” by RNCOS says, the Indian pharmaceutical industry grew by approx.12% during the period 2001-02 to 2006-07 and its current growth rate is double of that of the global pharma market.

 

And according to the report, in 2006, the Indian domestic market sales, excluding hospital and institutional sales, stood at over $7 billion and is anticipated to cross $20 billion by 2015.

 

Moreover, the growth of the Indian pharmaceutical market is anticipated to be higher than other markets, placing the country at 10^th place by 2015 against 14^th place in 2005.

 

The boost in the Indian pharmaceutical market is largely given by the rise in annual household income, says the RNCOS report, as the country’s economy has been growing at a rapid pace for last ten years.

 

“High growth in economy is pushing up salaries, consequently, more and more families from middle and lower income group are entering the upper class section. So, over 60% of the healthcare payments in India are now made out of pocket,” the report said adding this has raised the affordability of drugs, which, in turn, is increasing both the sales value and volume of drugs.