Increasing personal incomes, addition of healthcare facilities and deeper penetration of health insurance will see the domestic pharmaceutical market triple to $ 20 billion in a decade, according to global consulting firm McKinsey.
The projected growth would see India become the 10th biggest pharmaceutical market - from number 14 two years ago - by replacing Brazil, Mexico, South Korea and Turkey, the report released here today said.
"Doubling of disposable incomes and the increase in numbers of middle-class households will account for nearly 40% of the projected growth as affordability and access will increase dramatically," Palash Mitra, Partner, McKinsey & Company and co-leader of the Pharmaceuticals & Medical Products Practice said.
According to Mitra, significant expansion of medical infrastructure will account for 20% of the expected growth followed by greater penetration of health insurance (15%) and a gradual shift in disease profile and adoption of patented products (10%).
The projected growth would see India become the 10th biggest pharmaceutical market - from number 14 two years ago - by replacing Brazil, Mexico, South Korea and Turkey, the report released here today said.
"Doubling of disposable incomes and the increase in numbers of middle-class households will account for nearly 40% of the projected growth as affordability and access will increase dramatically," Palash Mitra, Partner, McKinsey & Company and co-leader of the Pharmaceuticals & Medical Products Practice said.
According to Mitra, significant expansion of medical infrastructure will account for 20% of the expected growth followed by greater penetration of health insurance (15%) and a gradual shift in disease profile and adoption of patented products (10%).
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