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Pharma industry to reach USD 55 bn in 3 years: ASSOCHAM- IITTM study
Indian pharmaceuticals market is expected to touch US $ 55 billion by 2020 from the current level of US $ 36.7 billion in 2016 growing at a compound annual growth rate( CAGR) of 15.92 percent, according to a joint study by The Associated Chambers of Commerce of India( ASSOCHAM) and research firm Indian Institute of Tourism and Travel Management( IITTM).
Indian pharmaceuticals market increased at a CAGR of 17.46 percent during 2005-16 with the market increasing from US $ 6 billion in 2005 to US $ 36.7 billion in 2016. By 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, noted the study titled‘ Medical Value Travel( MVT),’ jointly conducted by ASSOCHAM and IITTM.
According to the report,
Indian healthcare is expected to rise at a rate of CAGR of 29 percent during 2015-20 to US $ 280 billion with rising income, greater health awareness, increased precedence of lifestyle diseases and improved access to insurance.
The year 2015 witnessed the growth of 140 percent of foreign tourist’ s arrival on medical visa from the year 2013, where more than 50, 000 people visited India on medical visa. This number rose to approx 1,34,000 in 2015. In fact, the number of foreign tourist’ s arrival on a medical attendant visa also doubled from 2013 to 2015, increasing from 42,000 odd in 2013 to more than 99,000 in 2015, adds the study.
The study reveals that in the first 6 months of 2016 alone, close to a lakh foreign tourists have arrived on a medical visa making it a very lucrative market. The top most countries availing medical visa were Bangladesh, Afghanistan, Maldives, Republic of Korea and Nigeria.
The majority of the patients coming to India for treatment are from the Middle East, Africa, Bangladesh, Afghanistan, Maldives, Pakistan, Bhutan and Sri Lanka for its expertise in cardiac and orthopaedic procedures, in addition to other specialised areas like neuro-surgeries, cancer treatment and organ transplantation. India is also attracting medical tourists looking for the traditional system of medicine available in India, noted the study.
Sartorius enters into corporate partnership program with EMBL
Sartorius, a leading international laboratory and pharmaceutical equipment supplier, yesterday announced a partnership with EMBL, the European Molecular Biology Laboratory. EMBL is one of the Europe’ s leading research institutions with global reach. It includes many research sites, such as Heidelberg and
56 BioVoiceNews | March 2017