The Indian pharmaceutical market would be worth US$ 55 bn by 2020, becoming the sixth largest market in the world as stated by India’s ambassador to the US, Shri Arun Singh who inaugurated the 34th annual convention of American Association of Physicians of Indian Origin in New York recently.
India is likely to rank amongst the top three pharmaceutical markets by incremental growth and sixth largest market globally in absolute size, he added. India is the largest provider of generic drugs in the globe, accounting for 20 per cent of global exports in terms of volume. The cost of production is considerably lower than that of US and almost half of that of Europe.
Almost 1500 AAPI delegates from throughout the country participated in the convention. AAPI President Ms Seema Jain encouraged delegates to increase innovation through increased use of digital healthcare for biological and chemical medicine.
Congressman, Mr Lee Zeldin was also present at the occasion who said that physicians of Indian origin are known for their compassion, passion for patient care, medical skills research and leadership.