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India will dominate world pharma market soon: PwC
By agencies
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Wednesday, 27 July 2005, 19:30 IST
NEW DELHI: India is all set to become one of the top ten global pharmaceutical markets. With a rapidly growing population and tax concessions for overseas investors, India will dominate the world pharma market in the coming years, according to a latest report by Pricewaterhouse Coopers.
A slump in the traditional pharmaceutical markets of North America, European Union and Japan will also aid growth in India. Already a growing number of foreign multinationals have been attracted to India.
Tax holidays for companies based in underdeveloped areas and a great potential for sourcing of pharma ingredients have also been a big lure. Relaxing of pricing controls in India within the last ten years coupled with strong manufacturing expertise provide an attractive proposition for big pharma companies.
The US Food and Drug Administration has already approved 60 manufacturing sites in India. It is more than any other country outside the U.S., said Thomas Mathew, pharmaceutical leader, Pricewaterhouse Coopers. Indias native manufacturers pose a great threat to western generic companies. It currently produces 20 percent of the worlds generics, he added.