CPhI and P-MEC India records attendance of 42,206 thanks to India Pharma Week
Mumbai, December 18, 2016: CPhI & P-MEC India 2016 – organised by UBM EMEA and UBM India – announce the international survey data from its in-depth research on pharma in India following the closing of the first CPhI India Pharma Week in Mumbai. The seven-day event saw 42,206 visitors and 1,423 exhibitors attend the BEC/BKC Centres to celebrate 10 years of CPhI India.
The findings showed that international companies are estimating 24% growth in India over the next year, mirroring previously announced domestic manufacturers’ exceptional confidence in the market’s prospects. Just over half of the respondents (53%) believed that domestic sales within India would be stronger than exports in driving demand in the next 3-5 years – a notable statistic as the Indian pharma industry is often perceived as an export-led marketplace. The executives were split on which parts the supply chain will experience the strongest growth, with finished formulation (55%) and API (48%) identified as possessing excellent near term potential – emphasising the country’s diversity of drug manufacturers.
The main risk factor recognised by the international respondents (63%) – and shared by the domestic market in a separate survey – is the over-dependence on Chinese sourced APIs, particularly in India’s generics sector. Yet conversely, 73% perceived that Indian APIs are of higher quality than those produced in China, which suggests there may be good potential for further international sales of Indian-made ingredients and exports.
“A strong domestic market does not only give confidence to local and regional manufacturers, but to the whole of the pharma industry. I think that the biggest opportunity for India to grow is to take back control of their API sourcing, instead of importing from China. The Indian industry needs to produce its own ingredients and intermediates, grow its manufacturing quality and exploit its expertise in regulated markets in order to keep growing“, noted one international respondent.
The reputation of the country across data integrity has also improved massively, as 96% agree that the CDSCO certification programmes and initiatives are helping increase compliance. Even more impressive is the fact that 52% of respondents believed the CDSCO is moving forwards to be comparable with regulatory standards of the EMA and FDA – with the remaining 48% believing there is the intention to become so in the near future. Interestingly, 92% of respondents stated that they would invest more in India if quality systems are improved further.
As a result of these positive market conditions, 55% of international respondents are planning acquisitions or partnerships in India over the next few years. Chief reasons for this are: the desire of international companies to ‘lower the cost of manufacturing and export pharmaceuticals out of India’ (58%), as well as overseas companies looking to sell ‘both domestically and internationally’ (33%).
Rutger Oudejans, Brand Director Pharma at UBM EMEA commented: “India’s pharma industry has grown tremendously since the first CPhI & P-MEC India 10 years ago. Over this time we have seen how the industry has developed from producing pharma ingredients to the leading exporter of finished dose pharmaceuticals and generics across the globe. The international turnout at this event mirrors the global interest and demand for Indian products, and the event is growing in tandem with the industry in India.
It is easy to take for granted how far we have come in the past ten years, but after a decade of Indian pharma, we extended the event to span a whole week in celebration of the industry.
CPhI & P-MEC India effectively act as the barometer of the industry’s overall health, with a collective view on future prospects. With the positive insights from international executives matching the domestic market’s confidence for growth, the next few years will see this bullish pharma economy develop further as a global pharma powerhouse”.
The complete findings of the UBM India survey will be published in the CPhI Pharma Insights India Report.
Corporate Comm India(CCI Newswire)
