Indian Pharma Sector To play a crucial role in Global Market

The Indian pharmaceutical sector is set to bolster its position in the global market, said K Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil). During the closing day of iPHEX 2024, Bhanu emphasized India's significant and transformative role in the worldwide pharmaceutical industry, highlighting its contributions to healthcare progress and economic development.

He also mentioned that there are intentions to expand iPHEX to the Global South in the future in order to strengthen the Indian pharmaceutical industry.

The grand event kicked off on August 28, 2024, at IEML Knowledge Park-II, Greater Noida. iPHEX 2024 is a significant occasion, serving as the biggest opportunity to display the complete range of Indian pharmaceutical products to an international audience. Pharmexcil is hosting a gathering that serves as a center for innovation, teamwork, and industry perspectives.

The worldwide pharmaceutical industry is projected to reach USD 1,922 billion by 2028, with a compound annual growth rate (CAGR) of 5.1% from its 2023 value of USD 1,493 billion. In this growing market, the generic drug sector is expected to increase from USD 482 billion in 2023 to USD 664 billion by 2028, with a compound annual growth rate (CAGR) of 6.6%. The generic drug market is dominated by the Asia-Pacific region with a value of USD 224 billion, with Europe following at USD 125 billion. North America ranks third with USD 89.5 billion, followed by Latin America at USD 23.4 billion, Africa at USD 9.8 billion, and the Middle East at USD 9.5 billion.