New Delhi, 18 April (IANS). Indian pharma companies are currently trying to increase their share in the US oncology generic market of $ 145 billion value. This market is growing at a rate of 11 percent on an annual basis. This information was given in the new report.
In recent months, many Indian pharmaceutical companies have gained approval from US Food and Drug Administration (FDA) for the generic version of cancer drugs, which has steadily increased the entry of complex generic and biosimillar drugs in the US market.
The report said that oncology is one of the fastest growing segments globally and Indian companies are preparing to enter this high-value area through affordable manufacturing, technical expertise and increasing regulatory approval.
Industry experts say it shows changes towards completion of traditional generic drugs towards complex formulation and developing capabilities of Indian pharma companies.
Due to success in global markets, foreign investment in Indian pharma sector is also increasing rapidly.
According to the Pharmaceuticals Department, India’s Pharmaceutical and Medical device sector received a foreign direct investment (FDI) of Rs 11,888 crore between April to December 2024.
Additionally, 13 FDI proposals worth Rs 7,246.40 crore were approved for Brownfield projects during FY 2025, which led to the total FDI to Rs 19,134.4 crore.
The reason for the increase in FDI in this sector is being considered as the production linked incentive (PLI) scheme of the Central Government. It aims to increase domestic manufacturing, reduce imports on imports and increase exports.
Launched in 2021 with a financial outlay of Rs 15,000 crore for the pharmaceuticals sector, the scheme focuses on high-valeu products such as Complex generic, bioframacuticals and anti-cancer drugs.
A good result of this scheme is that it has more investment than the initial investment target. The proposed investment was Rs 3,938.57 crore, while by the end of 2024, the actual investment reached Rs 4,253.92 crore.
Projects such as Penicillin G. Unit in Andhra Pradesh and Clavulanic acid facility in Himachal Pradesh are among the major beneficiaries of PLI, which is expected to reduce import costs significantly.
-IANS
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