Increase in health awareness, affluent lifestyles and a disposable income is expected to propel the Indian chronic drug segment to double its market share in the next 10 years. The growth will also bring the Indian pharma industry in alignment with global pharma industry, where chronic drugs constitute 70% of the total global drug industry.
At present, the share of the chronic drug segment in the Indian pharma industry vary between 25-35%, depending on whether certain ailments are included in the chronic segment or not. In contrast, for the global pharma industry, chronic drug segment is 70% of the total industry.
"The market share of chronic drugs in Indian pharma industry will double in 10 years. Soon, every Indian company will focus on this particular segment. Pharma companies will have to create new niche marketing initiatives and spend more to create awareness about lifestyle management, according to Chrys Capital MD Sanjiv Kaul.
Currently, the Indian pharma industry is about Rs 27,000 crore and is growing 15-16% annually. The chronic drug segment is already growing at a faster rate, about 18% as compared to 12% for the acute drug segment. Less than a decade ago, the share of chronic drug segment was between 10-20%.
Glen mark MD and CEO Glenn Saldanha said: “Most leading Indian pharma companies have already aligned their strategy or are in the process of alignment to take advantage of the growth in chronic medications.”
Mankind Pharma’s general manager of the product division Sanjay Kaul added: "The chronic drug segment will fuel the growth of the pharma industry. Many of the new product launches in the recent past have been in the chronic drug segment. “The company is venturing into anti-psychotic drugs, which is one of the chronic drugs.
Experts attribute the growth of chronic diseases (also referred as lifestyle diseases) to lifestyle changes which are backed by increase in disposable income.
The major chronic drugs in the country are cardiovascular drugs, anti diabetes drugs, anti-psychotic drugs and hypertension drugs. Chronic drugs also generate more revenue to pharma companies as they are costlier than acute drugs and consumed for a longer period as they are usually meant for life long medication.
At present, the share of the chronic drug segment in the Indian pharma industry vary between 25-35%, depending on whether certain ailments are included in the chronic segment or not. In contrast, for the global pharma industry, chronic drug segment is 70% of the total industry.
"The market share of chronic drugs in Indian pharma industry will double in 10 years. Soon, every Indian company will focus on this particular segment. Pharma companies will have to create new niche marketing initiatives and spend more to create awareness about lifestyle management, according to Chrys Capital MD Sanjiv Kaul.
Currently, the Indian pharma industry is about Rs 27,000 crore and is growing 15-16% annually. The chronic drug segment is already growing at a faster rate, about 18% as compared to 12% for the acute drug segment. Less than a decade ago, the share of chronic drug segment was between 10-20%.
Glen mark MD and CEO Glenn Saldanha said: “Most leading Indian pharma companies have already aligned their strategy or are in the process of alignment to take advantage of the growth in chronic medications.”
Mankind Pharma’s general manager of the product division Sanjay Kaul added: "The chronic drug segment will fuel the growth of the pharma industry. Many of the new product launches in the recent past have been in the chronic drug segment. “The company is venturing into anti-psychotic drugs, which is one of the chronic drugs.
Experts attribute the growth of chronic diseases (also referred as lifestyle diseases) to lifestyle changes which are backed by increase in disposable income.
The major chronic drugs in the country are cardiovascular drugs, anti diabetes drugs, anti-psychotic drugs and hypertension drugs. Chronic drugs also generate more revenue to pharma companies as they are costlier than acute drugs and consumed for a longer period as they are usually meant for life long medication.
No comments:
Post a Comment