Pharmaceutical sales in India are expected to rise by 14.4 per cent to $27 billion in 2016 from last year, but the life sciences and health care industry is up against challenges such as quality management and meeting global standards, says a report.
According to “2014 Global Life Sciences Outlook” by consultancy firm Deloitte, pharmaceutical sales in India stood at $22.6 billion in 2012, which is expected to rise to $23.6 billion in 2013.
It added: “As a per cent of health care expenditures, pharmaceutical sales were 22.6 per cent in 2012; they are expected to reach 23.6 per cent in 2013 and 27 per cent by 2016.”
Despite the exponential growth, the report said, India’s life sciences and healthcare industry still faces challenges.
“The outcome of new product patents, drug price control, poor regulatory enforcement, inadequate health care infrastructure, shortage of skilled workforce, increasing patient expectations, ever-changing technology, and quality management and conformance to global standards act as critical barriers in delivering products and services in a sustainable manner,” Deloitte said.