Visit of an Indian Delegation of 35 Pharmaceutical Companies to Panama, August 28-30, 2016
India enjoys an important position in the global pharmaceuticals sector. The Indian pharmaceuticals market is the third largest in terms of volume and thirteenth largest in terms of value. Branded generics dominate, accounting for nearly 70-80 per cent of the market. India is the largest provider of generic drugs globally with Indian generics accounting for 20 per cent of global exports in terms of volume.
The Indian pharma industry, which is expected to grow over 15 per cent per annum between 2015 and 2020, will outperform the global pharma industry, which is set to grow at an annual rate of 5 per cent during the same period. The market is expected to grow to US$ 55 billion by 2020, thereby emerging as the sixth largest pharmaceutical market globally by absolute size.
India’s cost of production is significantly lower than that of the US and almost half of that of Europe. Overall drug approvals given by the US Food and Drug Administration (USFDA) to Indian companies have nearly doubled to 201 in FY 2015-16 from 109 in FY 2014-15, an increase of 84 per cent as per analysis by USFDA.
India's biotechnology industry, comprising bio-pharma, bio-services, bio-agriculture, bio-industry and bioinformatics is expected to grow at an average growth rate of around 30 per cent a year and reach US$ 100 billion by 2025. Biopharma, comprising vaccines, therapeutics and diagnostics, is the largest sub-sector, contributing nearly 62 per cent of the total revenue at Rs 12,600 crore (US$ 1.9 billion).
As part of their Latin American tour, an India delegation of 35 pharmaceutical companies from across the country will be in Panama from August 28 to 30, 2016. The program will include an inaugural session with high-level Panamanian officials, private pharmaceutical companies and the Association of Representatives and Distributors of Pharmaceutical Products of Panama (AREDIS). In addition, meetings with representatives from the Colon Free Trade Zone and the Association of Users will be held in Colon. This will be followed by a BSM (Buyers Sellers Meeting). All Panamanian pharmaceutical companies, especially importers of generics, are most welcome to participate in the event actively.
The final program will be released in the coming days.
What's New / Announcements
10325, Calle Federico Boyd,Apdo 0823-05815, Bella Vista,Panama, Republic of Panama
Tele: 507-2642416, 2643043, Fax: 507-2096649