India's Leading Healthcare & Pharma Companies 2023

24 | India’s Leading Healthcare & Pharma Companies 2023 [ OVERVIEW OF INDIA PHARMACEUTICALS SECTOR ] MARKET OUTLOOK Despite challenges, the Indian pharmaceuticals industry holds good prospects over the next few years, as the industry intensifies its focus on quality manufacturing, implementation of innovative and state of the art manufacturing machines and process. In comparison with other BRICs nations markets, namely Brazil, Russia and China, India has the highest estimated growth rate between 8% - 11%CAGR over ‘22- 26 as compared with an average CAGR of 5% - 8% for other BRIC markets during similar period. Advanced biologics, cel l and gene therapies are promising sectors where innovation is leading growth. India wi th i ts strong breed of innovative start-ups and academia is expected to tap this upcoming growth segment. Industry players are looking at collaborative partnership with the government to strengthen India’s position by scaling up research and development investments, i mp r o v i n g ma n u f a c t u r i n g standards and to build a strong eco-system for robust intellectual property laws. Medicine spending is expected to grow over the nex t f i ve years, making India one of the top 10 countr ies in terms of medicine spending. Changing demographics and epidemiologic trends point to rising demand for chronic therapies for diseases such as diabetes, heart ailments and cancers. Meanwhi le, improved heal th insurance coverage and healthcare facilities provided through several government policies along with an increase in ageing population are expected to boost the demand for drugs, generics and healthcare facilities, thereby contributing to the overall growth of the pharma industry. Additionally, increased focus on rural healthcare, women and chi ldcare programmes , preventive vaccines and lifesaving drugs also bode wel l for the pharma industry. Dun & Bradstr et