Indian pharma ind to be in world's top 5'

India will emerge as one of the Top 5 global markets for pharmaceutical products by 2020, driven by huge domestic demand and increased consumer spending on drugs, according to a study by city-based Ikon Marketing Consultants.
Describing the ongoing decade as a healthy one for the pharma industry, Ikon Marketing Consultants (IMC) Founder and Principal Consultant Azaz Motiwala said, "The global pharma market is expected to grow at 7 per cent to 8 per cent over the next five years, reaching an anticipated USD 1.7 trillion in 2020."

He noted that the Indian consumer currently spends nearly 1 per cent of his total income on drugs and pharmaceuticals, which will not change significantly in the current decade.

"However, with the rise in the per capita income, the spending is going to be triple (approximately USD 33) by 2020," Motiwala said.

By 2020, nearly 650 million people will have health insurance cover, while private insurance

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