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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