India and China, share of emerging markets in the global pharmaceutical industry has more than doubled to $32 billion in 2006 from $15 billion in 2001 according to KPMG report
India, China, Russia and Brazil are moving up to join the elite group of dynamic markets with high growth rates. In some areas the solid connection with the leading industrial nations is already a matter of fact. Other countries also have the potential to join the "BRIC" nations. Turkey is also taking its place in the emerging markets picture as Europe's most promising market. South Africa, South Korea and Vietnam are right up there in the group of strong growth markets covered by Emerging Markets Practice.
The total share of emerging markets in the global pharmaceutical market has increased from 13 per cent in 2001 to 27 per cent in 2006, global research firm KPMG said in its report on 'New and Emerging markets'. India presently contributes more than 20 per cent to the $60-billion global generic medicine market in terms of value and provides content to around 40 per cent of this market.
Indian companies are also exploring the opportunity in new drug discovery and innovative products. Indian companies have recognised that industry is low on innovative drug and there is a fear that this bottleneck could retard the future growth of the pharmaceutical industry and are now grasping the nettle and developing their own products. The research and development budget of six top Indian pharma companies have risen by 20 per cent between 2003 and 2005 alone and more than a dozen firms now operate their own research programmes.