Healthcare Advancements: Glenmark's Vision on Pharmaceuticals and Generic Drugs
Pharmaceuticals Growth and Healthcare Accessibility
The pharmaceuticals sector in India is poised for substantial growth, with projections from Glenmark suggesting a CAGR of 9-10% for the generic drug market over the next decade. The current domestic formulations market stands at Rs 2 trillion, having grown 11% over the past twenty years. Glenmark’s Annual Report for 2023-24 highlights the anticipated emergence of Jan Aushadhi outlets as key players.
Jan Aushadhi Initiative and Market Impact
With plans to expand to 25,000 franchise pharmacies by 2026, the Jan Aushadhi initiative aims to improve access to cost-effective unbranded generics. It expects to capture 3-5% of market volume, contributing around Rs 40-50 billion in value.
Future Projections for Branded Generics
- Branded generics are expected to dominate, making up 65-70% of market value with over 8% CAGR.
- Over 10,000 functional Jan Aushadhi Kendras are currently operational.
- The government aims to open 25,000 outlets by March 2026.
Glenmark's Global Aspirations
Glenmark also reports having 52 product applications pending with the US FDA, indicative of its expansion efforts in North America. In Europe, approval for four respiratory products is awaited.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.