How India is Pulling In European Life Sciences Sector

The total global pharma market in calendar year 2023 was $1508 billion and is expected to touch $1544 billion in 2024 registering a growth of 2.4 per cent.

- Shivani Thakar

North America, the leading region with an expected share of $511.79 billion in 2024 is likely to see an increase of 3.73 per cent over previous year’s share of $493.38 billion. Asia Pacific is the leading region in terms of percentage growth of 3.86 per cent in 2024 over the previous year’s growth rate of 3.14 per cent with a share of $467.04 billion in 2024 as against $449.69 billion in 2023 and $436 billion in 2022. The European region which recorded a growth rate of 4.95 per cent in 2023 with a share of $410.71 billion in 2023 will witness a flat growth in 2024 as its share will be around $410.71 billion, according to the IQVIA report.

The global generic market that holds 32.65 per cent of the total pharma market as per Fitch Solutions has touched $492.78 billion in 2023. India is predominantly a generic player. Major generic producers in the world besides India, include China producing $100-110 billion, USA producing roughly $ 65-70 billion, Germany producing $ 20-22 billion, Russia producing $14-15 billion. India’s generic share in the global generic market is $ 44.78 billion ($21.53 billion exports + $23.25 billion domestic) working out to a percentage share of 9.2 per cent. India’s exports of pharmaceuticals during April 2023 till March 2024 has been to the tune of $27.84 billion with a growth of almost 9.66 per cent.