Key Points
Mumbai: India saw an explosion of pharmaceutical generic brands of over 100 crore in sales in the last 15 years..
These brands now constitute 44% of the around 2-lakh-crore domestic formulation market and are growing faster than the market rate, according to a report by investment banking firm Avendus Capital...
While there had been 21 brands with over 100-crore sales in FY09, the number rose to 388 brands in FY24, representing a growth of 18 times..
The report attributed the growth of large brands to lifestyle diseases, prevalent quality issues that made doctors and customers rely more on big, well-known brands, along with aggressive sales and marketing push by pharma companies..
The report says branded formulation market may undergo some fundamental shifts due to emergence of trade generics and generic-generic, more stringent manufacturing standards and compliance, stricter Uniform Code for Pharmaceutical Marketing Practices..
