A recently-released report by the Federation of Indian Chambers of Commerce and Industry (Ficci) with Ernst and Young (E&Y) forecasts big potential for multinational companies in the Indian Pharma segment, owing to a rise in higher income group.

FICCI-Ernst & Young study further maintains that a potential $8-billion market for MNCs will be opened in India by 2015, with a compounded annual growth rate (CAGR) of
12.3 per cent. India, where patented drugs account for 8-10 per cent of total market, is expected to be included in top 10 global pharma markets by 2015. The report hails the product patent regime of 2005, crediting it for capturing the pharma market.

Rise in high income class has increased spending affordability, which would in turn give a booster to pharma market in coming times.

Many pharma companies, as per Ficci-E&Y report, are looking towards the Indian market; while existing players such as Daiichi and Ranbaxy are working to increase their base in the highly potential market.