India to be among top 10 pharma markets globally by 2020

India's pharmaceutical industry is on good growth trajectory and is likely to be among the top 10 global markets in value terms by 2020, according to a CII-PwC report released.

Experts believe that the industry has the potential to grow at an accelerated 15-20 per cent CAGR for the next 10 years to reach between $49 billion to $74 billion in 2020.  

This year, the New Drug Advisory Committee ( NDAC) has approved only nine drugs for clinical trials.

According to PwC, emerging markets will be the next major growth drivers for the global pharma industry with more than 40 per cent of incremental growth coming from emerging economies in the next decade.

As per PwC estimates, the total expenditure on healthcare in these markets is likely to grow from $205 billion to $499 billion by 2020, with most markets expected to grow at double digit rates.

By 2020, the BRIC countries alone are going to account for 33 per cent of world's GDP, that is up 25 per cent from 2009, said PwC.