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January 28, 2016.
The pharma market in India, valued at $20 billion in 2015, is set to soar to $55 billion by 2020, according to GlobalData.
India’s generics market will see sales grow by nearly 84% to $26.1 billion in 2016, says the GlobalData report.
Indian companies are "now exporting to countries like Brazil, Mexico, South Africa, Russia and Japan, and, according to India’s Ministry of Commerce and Industry, the nation’s pharmaceutical export segment has more than doubled from $7.8 billion in 2008 to $16.5 billion in 2014," said analyst Adam Dion, MSc.
The country's biosimilars market is also expected to increase to $40 billion globally by 2020.