Leading Researchers, Pharmaceutical Industries and Healthcare Professional take center stage to deliberate on the changing trends in Life Sciences.
The Economic Times LIFE Summit 2019 is presented with the desire to provide a platform to Researchers, Scientists, Academicians, Pharmaceutical Industries, Healthcare Professionals and the various stakeholders to engage, discuss, share and evolve, along with current developments and innovation.
Changing Trends in Life Sciences: Unite for Growth
Today Pharmaceutical Sciences have become an interdisciplinary field which brings together all branches of science for the incessant search of new life-saving and life-giving products. India is the largest provider of generic drugs globally.
Indian pharmaceutical sector industry supplies over 50 per cent of global demand for various vaccines, 40 per cent of generic demand in the US and 25 per cent of all medicine in UK.
Indian pharma industry enjoys an important position in the global pharmaceuticals industry. The Indian pharmaceuticals market is the third-largest in terms of volume and thirteenth-largest in terms of value. It has highest number of USFDA plants outside the USA. It’s amongst the global leaders in providing quality generics to the world.
Industry is gearing up for the next level of growth driven by shift towards specialty products, customer centricity, focus on improving quality, operational efficiency and productivity and selective mergers & acquisitions. Even though growth has slowed down recently in the event of GST and demonetisation we believe it will be in the top 10 global markets by 2020.
The Indian pharma segment is currently undergoing a metamorphosis with strong encouragement from the new regulatory initiatives aligned with the ‘India Pharma 2020 vision’. While the global pharma markets face disruptions, emerging markets have become increasingly crucial. The pharmaceuticals market in India, along with Russia, Brazil, China, Indonesia and Turkey will soon prove to be major players.
Indian pharmaceutical sector is estimated to account for 3.1 – 3.6 per cent* of the global pharmaceutical industry in value terms and 10 per cent in volume terms. It is expected to grow to US$100 billion by 2025.