Published on January 6, 2014

The pharmaceutical industries consist of companies that make patent and sells drugs that have beneficial effect. In India it is among the most highly organized sector and plays an important role in upholding and maintaining development in the field of global medicine. The pharma market is highly competitive and due to strict regulations and need for extensive research and development, entry has been made tricky. Generic drug makers like Ranbaxy, Wockhardt and Strides have faced strictures from international agencies, failing to meet the manufacturing norms and regulations at their plant in 2013.

For India pharma, it is not easy to overlook the year 2013, due to face-off with global regulators on quality concern. The year was noted as the mixed fortunes; however, outlook for 2014 will appear troublesome, due to slow regulatory clearances of clinical trials, challenges from new Drug Price Control Order (DPCO) and the CDA Bill. As compare to 2012, the growth rate of domestic market was 16.6%, whereas, in 2013 it significantly declined to 9.8%. In the same year, Market research agency IMS Health revised down its growth estimates to 10 per cent from 17-18 per cent, due to downward revision in economic forecast and lower-than-expected growth in the first half of 2013.

The drug manufacturing industries were conservative in approaching and estimating for the year ahead, as it faced an increasing enforcement and slowing product approvals in many international markets. As per the estimated done by the analysts, the local pharma industry was growing approximately to 7% in 2013, however, by the end of second half of 2014 a year since the imposition of price control was done, it is forecasted that the pharma sector is looking forward for a strong growth nearly up to 10 to 11 percent.