'$10 bn opportunity up for grabs in off patent drug market by 2029'

As many as 15 blockbuster drugs whose revenues worth $112 billion will be off-patented during 2023 to 2029 and the Indian pharma industry will have a growth opportunity of $10 billion in the form of generics (including complex), a top official of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Thursday.

Addressing a press conference, Udaya Bhaskar, Director General of Pharmexcil also said Indian pharma exports recorded 8.85 per cent growth during April and May this year at $4.73 billion against $4.35 billion during the same period last fiscal.

He further said with the advent of quality concerns raised by global regulatory agencies, Pharmexcil's priority has been shifted to quality management and imbibing quality culture in the industry by way of organising capacity building programmes in states to uphold the image of Indian pharma on global platform.

According to the pharma exports body, India has 748 US Food and Drug Administration approved manufacturing facilities.

He also said the Indian pharma sector is fraught with challenges such as geopolitical tensions, supply chain issues, pricing pressures and increased scrutiny by global regulatory agencies, among others and that the government needs to be proactive to overcome these hurdles.

"During 2023-29, 15 blockbuster drugs (including biological products) are going to be off-patented worth $112 billion which would provide a tremendous growth opportunity for India pharmaceutical companies by another $10 billion," the official said.

A senior official of the Pharmexcil said drugs such as Merck's Pembrolizumab (Keytruda) whose revenue were at $25 billion and Bristol-Myers Squibb's Eliquis (Apixaban)-$12 billion, among others would be off-patented in the next few years.

According to him, Indian pharma exports grew from $3.9 billion in FY05 to $27.85 billion in FY24 and is expected to touch around $31 billion this fiscal.

Bhaskar said India's imports during April and May have increased marginally by 1.98 per cent, from $8.10 billion in FY23 to $8.26 billion in FY24.

According to him, Latin America and Africa are the focussed geographies for Indian pharma exports.