India's pharma industry expected to grow to $55 bn by 2020
New York : India's rapidly growing pharmaceutical market is expected to grow to $55 billion by 2020 and emerge as the sixth largest globally by size, said Indian Ambassador to the US Arun Singh.
Formally inaugurating the 34th annual convention of the American Association of Physicians of Indian Origin (AAPI) here, he outlined the rapid growth of the health sector in India, particularly in pharmaceuticals.
He said that the Indian sector had a competitive edge over others because its productions costs were significantly lower than that of the US and almost half that of Europe.
"Branded generics dominate the pharmaceuticals market, constituting nearly 70 to 80 per cent of the market," Singh said. "India is the largest provider of generic drugs globally with the Indian generics accounting for 20 per cent of global exports in terms of volume."
Praising the work of Indian doctors in the US who are estimated to number about 80,000, the envoy said: "You have excelled in your fields of medicine, and thus make significant contributions through hard work, commitment and dedication to your profession and the people you are committed to serve."
Speaking at a business session at the convention, New York Republican Congressman Lee Zeldin, said Indian doctors are known around the world for their compassion, passion for patient care, research, and leadership. "Indian Americans constitute about one per cent of the country's population, but you account for nine per cent of the American doctors and physicians, serving one out of seven patients being treated across the nation," Zeldin said.
He called Prime Minister Narendra Modi's address to the US Congress last month inspiring and asserted that Modi's leadership was steering the world's largest democracy to new heights.
At the inauguration, Prasad Srinivasan, a Republican Connecticut state legislator, gave the 1,500 fellow doctors at the convention tips on aspiring to public offices, saying they should work with dedication on public causes and stay focused on their mission and profession.
"We have the choice to be at the table or on the table," said Prasad, who is serving his third term as a State Representative. "Given our heritage, we the Indian Americans belong at the table. Get actively involved in the affairs of the local community and that's the path to larger role in the nation."
AAPI President Seema Jain said the profession must prepare for the challenges faced by profession on the cusp of monumental changes and her organisation was helping ready them for it.
"The Future is now," she said. "Its time to step up to a new era of innovation through a new age of digital health care that transcends biological and chemical medicine into the future. As physicians we must be equipped to tackle the next generation's unique set of challenges and opportunities in health care."