Findings from CPhI’s bio league tables predict strong growth for India’s biologic market throughout the whole of 2019 in the build-up to CPhI India, which is set to take place later this year in November.
India’s growth potential scored level with well-established bio markets in Germany, Ireland and Japan and was behind only the United States. The country’s growing biosimilars industry was highlighted as the primary driver of growth, with respondents to the CPhI survey citing ‘India’s rising domestic demand, bio investments and the potential for increased exports to advanced markets’. India already has over 70 approved biosimilars in the domestic market and the country’s market penetration is expected to increase quickly in 2019 as the middle classes increase demand.
Government subsidies for the production of biosimilars, as well the expiration of existing biologics patents and closely aligned regulatory guidelines is helping augment the country’s growth potential in biologics.
However, data from CPhI shows that India also received the second lowest overall scores for ‘quality of biologics manufacturing’ and ‘biologics innovation’.
Cara Turner, brand director, Pharma, said; “CPhI and P-MEC India has been extremely successful and we announced before the event that India had secured the number one spot for growth potential of small molecules in 2019. These new findings however, show that biosimilars are also set for dramatic growth in 2019 and that India is expected to be amongst the fastest growing bio regions. In fact, over the next few years we anticipate seeing more bio machinery manufacturers attending P-MEC and a steady growth in our bio audiences.”