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India Ratings, a Fitch Group company, has said the Indian pharmaceutical industry would grow at 20 per cent compound annual growth rate (CAGR) over the next five years despite the increase in regulatory scrutiny.
According to the ratings agency, export growth to the US is also likely to be robust given the large proportion of alternative new drug application approvals being received by Indian manufacturers lately.
Indian pharmaceutical manufacturing facilities registered with US FDA as on March, 2014, was the highest at 523 for any country outside the US. India Ratings estimates that the banned facilities accounted for 7-8 per cent of the total exports to the US.
