Mumbai: The consulting firm McKinsey said in a report that the Indian pharmaceutical market will develop three times to USD 20 billion by 2015 due to growth in medical substructure and augmented access to medical aid.
The Indian pharmaceutical market will arise at a combined yearly rate of 12.3 per cent more than the next few years.
“India Pharma 2015: unlocking the potential of Indian pharmaceutical market,” McKinsey added.
According to the statement, the components, which would coerce the growth, would be improved affordability to medical aid, huge development in medical infrastructure, larger penetration of health insurance and acceptance of patented products.
The growth in India will be next only to that of US and China and in the same group as developed countries including Japan, the UK and Canada.
McKinsey associate Palash Mitra told that replication of disposable income and growth in the number of middle-class household will make up 40 per cent of the figured growth.
Besides, development of medical infrastructure like increase in hospital beds from 17 lakh in 2005 to 37 lakh by 2015 will make-up for increase of additional 20 per cent, he said.
Greater insight of health insurance would append another 15 per cent and steady shift in disease profile and adoption of patented products will back up growth of 10 per cent.
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