Mumbai: Indian pharma industry is likely to grow by 12-13% in 2009 against earlier projections of 15% due to the global economic meltdown, a research firm has said.
“In 2009, the Indian pharma industry may see a growth of 12-13%, as against our earlier forecast of 14-15%, due to the macroeconomic condition that we are having,” ORG IMS Research managing director Sameer Savkur said at a conference here.
Mumbai-based ORG IMS Research Pvt Ltd is a joint venture of AC Nielsen ORG-Marg and IMS Health, the UK.
“Global pharma growth has been declining in the past five years. There is only a small impact on India. It will see double-digit topline growth,” IMS Health vice president (Europe) Graham Lewis said.
Lewis said there has been a significant amount of restructuring in the global pharmaceutical industry, with smaller companies running out of cash and bigger companies merging with each other.
The Indian pharma industry, which grew by over 10% last year, is likely to see a marginal 1-2% spurt in growth in the next four to five years, Savkur said.
The industry grew by 10.2% in 2008 due to some extraneous circumstances, he said.
He, however, termed the Indian pharmaceutical industry as “promising”, and estimated its size to touch $30 billion by 2020.
Chronic therapy will continue to be a key growth driver, Savkur said, adding that companies are focusing on extra-urban markets as these contribute about 40% to their turnover.