• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

Indian Pharma Formulations Sector To More Than Double To Rs 5.5 Trn By 2034: Report

OMMCOM NEWS by OMMCOM NEWS
June 25, 2024
in Business

New Delhi: India’s Domestic Pharma Formulations (DomForm) market, which includes branded generic medicines, is expected to more than double and cross Rs 5.5 trillion in the next 10 years at a CAGR of 10 per cent, according to a new report.

The report, by investment banking firm Avendus Capital, showed that currently the market is valued at Rs 2 trillion, with a growth rate of 11 per cent over the last 20 years.

However, with a gradual transition from a primarily doctor-branded prescription model, more stringent quality compliance, and government policies and regulatory measures, the market is expected to make a significant growth.

“We are encouraged by the government of India’s Pharma Vision 2047, which is aimed at making medicines more equitable, accessible, and affordable while ensuring high quality and more sustainable manufacturing practices. We believe that the sector will more than double from today, comfortably crossing about Rs 5.5 trillion in value by 2034,” the report said.

The report also predicted shifts in channel volumes, with trade generics and the unbranded “Generic Generics”, including Jan Aushadhi centres and government hospital procurement, gaining more traction.

“We estimate that the DomForm market will continue growing at 9-10 per cent CAGR in the next 10 years. With the expansion of trade generics and Jan Aushadhi channels, we expect about 30 per cent volume contribution from these in 10 years,” the report said.

Although off-patent generics currently account for nearly 100 per cent of the market, because of local manufacturing and process innovations, the prices of medicines are significantly lower than the global average.

Currently, more than 3,000 companies and almost 10,000 manufacturing units exist, yet they come with significant variations in quality standards.

Substandard, spurious and counterfeit drugs account for a staggering 20 per cent of the market, as per official testing.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

New Kuwaiti Ambassador Meets EAM Jaishankar, Discusses Bilateral Ties

Next Post

Indian Railways To Deploy Kavach System On 44,000 Kms Of Tracks In Next 5 Years

Related Posts

India, Norway
Business

India, Norway Agree To Team Up For Boosting Green Maritime Technologies

June 4, 2025
India Red-Flags
Business

India Red-Flags $800 Million ADB Aid Package To Pakistan

June 4, 2025
Piyush Goyal
Business

Piyush Goyal Begins Two-Day Visit To Italy For Bolstering Bilateral Economic Ties

June 4, 2025
Stock Market
Business

Stock Market Ends In Green Amid Positive Global Cues As RBI MPC Begins

June 4, 2025
HNWI Wealth
Business

India Sees 8.8 Pc Rise In HNWI Wealth In 2024, Has 378,810 Millionaires Worth $1.5 Trillion

June 4, 2025
IMEC
Business

IMEC Will Transform Global Landscape, Is Pivotal To ‘Viksit Bharat 2047’ Vision: Experts

June 4, 2025
Next Post

Indian Railways To Deploy Kavach System On 44,000 Kms Of Tracks In Next 5 Years

Pune Porsche Case: Bombay HC Says JJB Remand Illegal, Orders Release Of Minor Boy

Odisha CM-People Centric Budget

Odisha CM Advises For People-Centric Budget

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.