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Chronic diseases plus economic growth: Pharma sector gains

According to a global consulting firm Pricewaterhousecooper, the growing number of chronic diseases with the economic growth can propel the country amongst the top pharmaceuticals market

of the world by 2020. In the coming years, India is expected to host some of the largest number of cardiovascular and diabetic patients in the world. Also, these diseases will start at much younger age as compared to now. Irrespective of the increased spending on preventive medicines, the deteriorating health of young Indians would expand the pharma market. The number of Indians with diabetes is projected to reach 73.5 million in the next 10-15 years.

Today the total cost of treatment, direct as well as indirect, of such patients in India is about 420 dollars per person per year as compared to US where it is about 10,844 dollars per year. The report also predicts that in the coming years, emerging countries like India, China, Brazil, Mexico, Russia, Turkey and Indonesia would account for more than one-fifth of global pharmaceutical sales and India's large and diverse

market place would help in the emergence of top vaccine and generic companies from the country. To serve the large and diverse Indian market successfully, the companies need to change their strategy from mass marketing to individual needs.