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Growing pharma sector to boost laboratory, analysis and diagnostics market in India Pharmaceutical industry in India growing steadily Market for laboratory, analysis and diagnostics likely to grow more Analytica Anacon India and India Lab Expo to capitalize on market growthrn
Pharmaceutical industry continues to grow
The Indian pharma industry has been growing at a compounded annual growth rate (CAGR) of more than 15% over the last five years and is expected to grow to US$ 100 billion by 2025.
The Union Cabinet (Indian government) has given its go-ahead for the amendment of the existing Foreign Direct Investment (FDI) policy in the pharmaceutical sector in order to allow FDI up to 100 per cent under the automatic route for manufacturing of medical devices subject to certain conditions. The drugs and pharmaceuticals sector attracted cumulative FDI inflows worth US$ 14.53 billion between April 2000 and December 2016, according to data released by the Department of Industrial Policy and Promotion (DIPP).
Pharma impacts laboratory and analysis market
The Government of India unveiled 'Pharma Vision 2020' aimed at making India a global leader in end-to-end drug manufacturing. Such positive developments and investments in the pharma sector are likely to create more demand for laboratory, analysis and diagnostics. This implies increased usage of laboratory instruments and allied technologies by pharmaceutical companies, research labs, and others.
While Indian market for laboratory instruments and analysis is majorly driven by pharma sector, some of the other key sectors which will drive the demand for laboratory and analysis market includes performance and R&D spending of chemical, food & beverages, oil & gas etc.
According to the chairman of the pharmaceuticals Export Promotion Council Pharmexcil, Mr. Madan Mohan Reddy: “The pharmaceutical sector will continue to grow in future and is expected to become third largest pharmaceuticals market by 2020 in terms of incremental growth and can generate USD 45 Billion in revenue by then.
India’s leading trade fairs and conference for laboratory technology, analysis, biotechnology and diagnostics – analytica Anacon India and India Lab Expo will capitalize on this growth opportunity by bringing industry stakeholders together at one place. Manufacturers, suppliers, dealers and representatives of Indian and international manufacturers will display the best of laboratory technology, analysis and biotechnology products, solutions and technologies.
Mr. Bhupinder Singh, CEO of Messe Muenchen India said: “The growth in pharmaceutical industry is a positive news. It means more opportunities for the laboratory, analysis and diagnostics market in India.”
Navin Mehta, Managing Director, New
