Is India Going To Be in the Top 10 Pharma Markets?

The insurance industry has developed significantly over the past few years. Recent studies reveal, the drugs and pharmaceutical industry of India has the potential to grab a position among the top ten fastest developing pharmaceutical markets. Considering the increasing value of this market, it is expected that by 2016, the total sales would double up to $26 billion. As revealed by a market prognosis report released by IMS Health, the drug market researcher, the increase in sales is expected to happen due to a surge in health insurance.

Though health insurance in India is expected to rise as an industry, some experts still believe that the prospect of such a huge sales jump may be a bit unrealistic. The conservative annual growth of 13 to 14 percent may be expected. Despite the calculations of the experts, IMS is sticking to the hope of seeing the across-the-board expansion. 

A sophisticated and dynamic healthcare market is expected to be created in India through increasing government funding, improving standard of care, and providing access to all the necessary treatment procedures. As of May 2013, India’s drug market is worth of Rs.74, 117 crore or $12.35 billion, which has taken the market to the 13th position. The figures are quite impressive since in 2006, India was at the 15th position. Since then, sales have increased up to $6 billion.


So, if you are thinking of getting health insurance, this may be the time. Get yourself covered!