India's pharmaceutical industry seems to be in a race against time. According to McKinsey & Company's latest report, "India Pharma 2015: Unlocking the Potential of the Indian Pharmaceuticals Market", the country's pharma market is all set to provide the third largest growth opportunity globally. It is expected to triple in size and touch $20 billion by 2015, becoming one of the world's top 10 markets.

According to Palash Mitra, partner and co-leader of McKinsey's pharmaceuticals and medical products practice, five factors will drive the growth of the market over the next decade. Doubling of disposable incomes and the increase in numbers of middle-class households will account for nearly 40% of this projected growth as both afford ability and access will increase dramatically.

Significant expansion of medical infrastructure will make up another 20% while greater penetration of health insurance will add another 15%. A gradual shift in disease profile and adoption of patented products will add another 10%. Population growth will comprise the remaining 15%.

The research also uncovered three important trends that will shape the pharma market. Mass therapies will remain important and account for 45% of the market by 2015 despite a shift towards specialty therapies. Generics will dominate with the share of patented products rising to 10% and rural India will contribute to almost half of the pharma industry's growth till 2015.

Mr. Neeraj Sharma

Neeraj Electronics

CEO, Neeraj Electronics
Jorhat, India

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