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Indian domestic formulations to cross Rs 5.5 lakh Cr by 2034: Avendus Capital report
Investment Banking
According to a report by Avendus Capital, India's domestic formulations (DomForm) market, encompassing branded generics, is projected to surpass Rs 5.5 lakh crore by 2034. Currently valued at nearly Rs 2 lakh crore, the market benefits from India being among the lowest-priced pharmaceutical markets globally.
The report anticipates a shift in the DomForm landscape towards alternative marketing and distribution strategies influenced by government policies and economic factors. Anshul Gupta from Avendus Capital highlighted the Government of India’s Pharma Vision 2047 initiative aimed at enhancing medicine accessibility and affordability.
Despite challenges like under penetration in rural areas and lower doctor density outside urban centers, the market is evolving with innovations like Trade Generics (TGx) channels and strategic expansions into adjacent sectors such as medtech and nutraceuticals.
