Indian Pharma Set for $10 Billion Growth as Blockbuster Drugs Go Off-Patent

Between 2023 and 2029, 15 blockbuster drugs worth $112 billion will go off-patent, creating a $10 billion growth opportunity for the Indian pharma industry in generics. Pharmexcil's Director General, Udaya Bhaskar, highlights the sector's growth and the challenges it faces, stressing the importance of quality management.

The Indian pharma industry is poised for significant growth, with 15 blockbuster drugs worth $112 billion set to go off-patent between 2023 and 2029. This opens up a $10 billion opportunity in generics, including complex variants, according to Udaya Bhaskar, Director General of Pharmexcil.

During a press conference, Bhaskar announced an 8.85% increase in Indian pharma exports for April and May, reaching $4.73 billion, compared to the same period last fiscal year. He emphasized the industry's shift towards stringent quality management to meet global standards.

The industry faces challenges such as geopolitical tensions, supply chain issues, and increased global regulatory scrutiny. Bhaskar urged proactive government measures to address these hurdles. Notably, India has 748 FDA-approved manufacturing facilities, spotlighting the country's growing influence in the global pharma market.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)