Indian pharma firms ready for African safari

New Delhi, Nov 17 | Updated: Nov 18 2005, 05:30am hrs
The withdrawal of the patent suit filed by 39 global pharma companies against the South African government, which allowed the sale of cheaper branded generic drugs, opens up a huge window of opportunity for selling generic drugs to the South African market, according to an Assocham study.

The study Africa: New Avenues for Indian Pharmaceutical Industry says that by the end of 2005, the $1.7 billion South African pharmaceutical market is expected to expand at a rate of 4% per annum and take the market to $2.1 billion by 2010, providing huge opportunities for Indian companies.

India exports about 60% of its bulk drug production, while the balance is sold locally. The study has said that Indian pharmaceutical companies can capture over $1 billion of the South African market by 2010.