Healthcare industry is undoubtedly the pillar of economy of any country. The Indian health care industry has witnessed significant growth in terms of size of the industry as well as research and development activities in the past few years
In April 2010, in a market research report published by IMS Health Inc. the Indian Pharmaceutical Industry was placed among the top four emerging markets in pharma industry. At present, the Indian health care industry stands at USD 35 billion and has potential to reach over USD 75 billion by the end of 2012 and it is estimated to rise further by USD 150 billion by 2017. Indian domestic pharmaceutical market has seen growth at a CAGR of about 12% in the last 5 years. Further more, an estimate says that by 2025, 189 million Indians will be 60 or older up from about 63 million in year 2004. People of this age group spends around 3 to 4 times more on drugs than people in younger age groups. With the growing senior citizens population, the need and demand can be augmented well for the health care services pharmaceutical drugs will rise in coming years. The Pharmaceutical industry in India is a highly diversified sector with more than 20,000 registered units across the nations, competitive price and government price control policies plays a key role in any movement in the industry. The industry has seen a substantial expansion in the last two decades. Within the last five years, the compound annual growth of the industry has been with the growth rate (CAGR)of 13%. According to a WHO survey in a list of 175 countries, India falls at 171st in terms of total GDP expenditure on health care, while the same survey says that India stood at 17th rank in terms of private sector spending on health care. Indian Government has planned on some changed to boost the foreign investment in the pharmaceutical sector.
The global pharmaceutical market sales is expected to grow at a 4 - 7% compound annual growth rate (CAGR) through 2013. As per prediction from Visiongain a business information provider based in UK, the overall revenues for anti-cancer treatments will increase strongly from 2012 to 2022. The future of cancer treatments holds great promise through emerging technologies and increasing demand in developed and developing countries, R&D pipelines in oncology are strong, including those for monoclonal antibodies (MAbs). A new report by visiongain predicts that the world market for cancer-treating drugs will reach $75 billion for 2012. That revenue forecast appears in Leading Anti-Cancer Drugs and Associated Market 2012-2022, published in February 2012.
The market for the anti- cancer drugs in the Indian and global industry has been continuously increasing because of the factors we discussed above like change in the average age and the life style habits. Since the past few years this market has attracted a lot of attention of the pharmaceutical companies and cancer has become a large therapeutic market after CNS and CV drugs. To name a few Roche, Amgen, Novartis, Astra Zeneca and BMS can be considered as the top anti cancer drug manufacturing companies. More than 11 million people are diagnosed with cancer every year, and the cancer therapy market is the second largest pharmaceutical market in terms of revenue after the cardiovascular drug market. The four main types of cancer therapy are chemotherapy, hormone therapy, target therapy and immunotherapy. Out of these, the target therapy has the largest share of the market. Worth an estimated $22.9 billion in 2008, this segment should reach $69.1 billion in 2013, for a CAGR of 24.7%. Overall market share figure is expected to increase by 62.5% in 2013. The end of 2011 in mUs Pfizer's Xalkori (crizotinib) and Roche's Zelboraf (vemurafenib) were both approved of two new molecularly-targeted cancer drugs alongside companion diagnostic tests.
With more and more scientist doing research and development and companies investing on the Anti-cancer drugs to improve the standards and meeting the requirements in the present global scenario, some of the researchers have also moved to the thousand old years science to find the cure of this fatal disease. The use of Ayurveda Science is not new in India, but the use for Ayurveda and herbal medicine to cure a fatal disease like Cancer is something that has dragged the attention of the scientists and pharmaceutical market worldwide. Scientists today, are exploring more to harness the benefits of nature.
According to the estimates of World Health Organization (WHO) around 4 billion people- 80 percent of the world population- use herbal medicine for some or other aspect of primary health care. Herbal medicine is considered a common element in Ayurvedic, homeopathic, naturopathic, traditional oriental and Native American Indian medicine and a major component in all indigenous peoples' traditional medicine.
Indian herbal market is registering a steep growth and according to findings of the Associated Chambers of Commerce and Industry of India (Assocham) it is likely to reach Rs.14,500 crore (Rs 145,000 million) by end of 2012 and exports to Rs.9,000 crore (Rs 90,000 million) with a CAGR of 20% and 25% respectively. As per the study from the firm, the reasons that can be accounted for the herbal industry experimental growth can be attributed somewhat to government as well. Setting up of Herbal farm clusters by the government to improve quality of drugs and putting effective marketing strategies for promotion of exports, to double the cultivation of medicinal plants by converting existing farmland. India followed by China is the largest producer of medicinal plants, having more than 40% of global diversity. The major producer of herbal plants having the highest medicinal value states are include Gujarat, Rajasthan, Haryana, Tamil Nadu, Andhra and the Himalayan Range.
The global herbal supplements and remedies market is forecast to reach US$ 93.15 billion by the year 2015. In this India’s contribution is very few keeping in consideration that the sue of herbal medicine in India is a thousand year old story. European union has biggest market with the share 45% of total herbal market. North America accounts for 11%, Japan 16%, Asian countries 19% and rest of European Union 4.1%. In the row there are other Asian countries as well like Japan and China who have successfully marketed their traditional medicines in the global market. Their alternative therapies are well-accepted in Europe and US. Product like Ginseng – the famed aphrodisiac from China is having the same property as of Ashwagandha- an ayurvedic medicine, yet it accounts for over US $ 800 M of international market as compared to all our herbs put together. Although significant improvements in the diagnosis and development of various compounds to treat cancer have been made, cancer remains a major healthcare challenge worldwide.
