India is likely to be in the top ten global pharmaceutical markets by 2020 with the largest number of diabetics and cardio-vascular disease patients in the world, a report by management consulting firm PricewaterhouseCoopers (PwC) said on Wednesday.
The country’s market would grow on the strength of both illnesses hitting the poor and diseases linked to risky, affluent lifestyles as the global market more than doubles to $1.3 trillion by 2020, said the report titled, "Pharma 2020: The Vision-Which Path Would You Take."
Sujoy Shetty, associate director, pharmaceutical and life sciences practice, PwC said chronic diseases would grow exponentially with India’s economic growth.
"The onset of such diseases are also at a much younger age compared to the West," Shetty said, adding that governments and pharma companies would both need to focus on preventive measures than blockbuster drugs.
The report said that by 2020 Brazil, China, India, Indonesia, Mexico, Russia and Turkey could account for as much as one fifth of global pharmaceutical sales.
The number of Indians suffering from diabetes would reach 73.5 million in 2025, the report said, cautioning that the country’s total expenditure on diabetes could reach as high as $80 billion.
The annual direct and indirect costs of treating such patients are currently at about $420 per person.
The United States spends an average $10,844 per year on each patient with diabetes. "If India’s per capita expenditure rose to just one-tenth of this level, the total cost of treating all patients with diabetes would be $79.7 billion by 2025… preventing 10 per cent of the population from developing diabetes would save nearly $8 billion a year," it said.