Report: Indian Drug Market to Reach $20B
Tuesday, September 4, 2007
India’s fast-growing economy, expansion in health care insurance and infrastructure, to grow national drug sales to triple by 2015. NEW YORK (CNNMoney.com) — The Indian drug market is expected to triple in size by 2015, to $20 billion in annual sales, according to a report released Wednesday by international consulting firm McKinsey & Co.
The report said India will undergo a “significant transformation” to become one of the top 10 pharmaceutical markets in the next decade.
The country’s fast-growing economy, with an enviable GDP growth of 8 percent, is expected to be a key factor in driving the pharma market. The report said that 40 percent of the projected growth can be attributed to the doubling of disposable incomes and the expansion of the Indian middle class.
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