Country’s growing pharmaceutical market may grow to $55 billion by 2020 and become sixth largest globally by size, Indian ambassador to the US Arun Singh has said in New York.
While inaugurating the 34th annual convention of the American Association of Physicians of Indian Origin (AAPI) in the US city, he spoke on the rapid growth of the health sector in India, especially in pharmaceuticals.
Sector had a competitive edge over others since its productions costs were considerably lower than that of the US and several parts of Europe, he said.
The ambassador added that branded generics control the pharmaceuticals market, constituting almost 70 to 80 per cent of the market
India is the largest provider of generic drugs worldwide with Indian generics accounting for 20 per ent of global exports in terms of volume, Singh said further.