July 13, 2024
India and Oman Pharmaceutical Industry Market

India and Oman Pharmaceutical Industry Market is Increasing Demand for Generic Drugs and Biosimilars

The India and Oman pharmaceutical industry produces a wide range of generic drugs, biosimilars, and active pharmaceutical ingredients. Generic drugs offer similar clinical benefits at lower costs compared to their branded counterparts by eliminating expensive marketing and research costs during their development. Meanwhile, biosimilars provide a cost-effective alternative for biologic therapies to treat chronic diseases.

The India and Oman pharmaceutical industry market is estimated to be valued at US$ 69032.51 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031.

Key players operating in the India And Oman Pharmaceutical Industry Market Size are Accenture plc, Cognizant Technology Solutions, ATOS SE, Catalent, Inc., Covance, Inc., Boehringer Ingelheim GmbH, Genpact Limited, Lonza Group, PAREXEL International Corporation, Quintiles Transnational Corporation, Abbvie, Inc., Baxter International Inc., Dr. Reddy€TMs Laboratories Ltd., Aurobindo Pharma, Pfizer, Inc., The Almac Group, Teva Pharmaceutical Industries Ltd. and Piramal Enterprises Ltd. Owing to their cost-effectiveness, generic drugs and biosimilars are seeing increasing demand globally. This is positively impacting the growth of pharmaceutical companies in India and Oman.

The growing burden of chronic diseases and rising healthcare costs are fueling the demand for generic drugs and biosimilars. As patented drugs lose exclusivity, the availability of low-cost generics provides affordable treatment options to a large patient pool. Furthermore, favorable government policies promoting generics to boost healthcare access are supporting the market’s growth. Key players are investing in R&D to expand their generic and biosimilar product portfolio and benefit from the opportunity.

Pharmaceutical companies in India and Oman are capitalizing on the growing global demand by expanding their international operations and export capabilities. Strategic collaborations and licensing agreements help players commercialize their products globally and increase foreign revenue. Additionally, firms invest in new manufacturing facilities abroad to establish themselves as global suppliers and address trade barriers faced by imported drugs. This overseas expansion enables companies to access new markets and realize greater returns.

India and Oman Pharmaceutical Industry Market as One of the key trends in the India and Oman pharmaceutical industry is the shift towards value-added generics. With patent expiries of major drugs, firms are developing complex generics requiring specialized formulation expertise and manufacturing capabilities. They are creating value-added generics through novel drug delivery systems, fixed-dose combinations, and other differentiating features. This allows companies to gain a competitive edge and fetch higher prices and profit margins compared to commoditized generics.

Porter’s Analysis

Threat of new entrants: The pharmaceutical industry requires huge capital investments and strict regulatory approvals which acts as entry barriers.

Bargaining power of buyers: Large buyers such as government have significant bargaining power due to bulk purchasing abilities.

Bargaining power of suppliers: Suppliers of key raw materials and packaging components hold some bargaining power.

Threat of new substitutes: Potential threat from substitutes depends on the type of drugs and therapeutic conditions treated.

Competitive rivalry: India and Oman pharmaceutical industry is highly fragmented and competitive with varying capabilities amongst companies.

Geographical regions

India accounts for nearly 60% of the total pharmaceutical market value in the India and Oman region due to its large population, cheaper manufacturing costs and growing biologics sector. Being the second most populated country globally, India presents huge market opportunities for drugs across therapeutic segments.

The pharmaceutical market in Oman is growing at the fastest rate amongst GCC countries driven by increasing healthcare investments, rise of lifestyle diseases and expansion of health insurance coverage. Initiatives promoting local manufacturing and investments in medical infrastructure are contributing to the growth of the pharmaceutical industry in Oman.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Ravina Pandya

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

View all posts by About Author - Ravina Pandya →