Health insurance surge to put India in top 10 pharma markets
Thursday, June 27, 2013
Mumbai: India’s drugs and pharmaceuticals market is poised to become one of the top 10 in the world in value with total sales doubling to $26 billion by 2016, driven by an expected surge in health insurance, according to the latest market prognosis report by drug market researcher IMS Health.
Some experts said the prospects for a twofold sales jump in three years time appears to be unrealistic, pegging growth a more conservative 13-14% annual growth. IMS is pinning its hopes on what it sees as an across-the-board expansion.
“Increasing government funding, rising standards of care and an overall boom in the opportunities for access to necessary treatment are all coming together to shape a dynamic and sophisticated marketplace (for) healthcare in India,” said Chinmay Padhi, head payer (insurance), IMS, in a report titled Managing the Cost of Care: The Past and Future of Health Insurance in India.
The country’s drug market, worth Rs.74,117 crore ($12.35 billion) as of May 2013, is ranked 13th now, up from 15th in 2006 with sales of $6 billion.
Source: Livemint (link opens in a new window)
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