April 12, 2024
India and Oman Pharmaceutical Industry Market

India and Oman Pharmaceutical Industry Market Propelled by Rising Generic Drug Exports

The pharmaceutical industry has become one of the most prominent industries in both India and Oman in recent years. The industry manufactures a wide range of generic drugs that are affordable and essential for basic healthcare. These generic medicines are in high demand worldwide for the treatment of major illnesses like cardiovascular diseases, diabetes, cancer, and more. India is one of the world’s leading producers of generic drugs, accounting for 20% of global exports. Meanwhile, Oman aims to become a regional hub for pharmaceutical exports to capitalize on the Gulf countries’ growing healthcare needs.

India and Oman Pharmaceutical Industry Market is estimated to be valued at US$ 45 Billion in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends
Rising generic drug exports from India and Oman has become one of the primary drivers of growth in the pharmaceutical industry. India currently supplies over 50% of global vaccine demand and one-fifth of US generic demand. The country’s huge production capacity and ability to churn out low-cost generics have boosted its share in global pharmaceutical trade. Meanwhile, Oman seeks to position itself as a hub for pharmaceutical manufacturing in the Middle East through joint ventures with Indian drug makers. This lucrative partnership is expected to propel generic drug exports manifold in the coming years as global demand for affordable medicines rises exponentially.

SWOT Analysis
Strength: India and Oman Pharmaceutical Industry enjoys strong government support in the region with favorable policies and regulations supporting the industry growth. Both India and Oman governments aim to reduce dependence on imported drugs and develop domestic manufacturing capabilities.

Weakness: High reliance on imports of key ingredients (API) from China increases supply chain risks. Lack of skilled workforce and limited R&D investments pose challenges for development of novel drugs.

Opportunity: Growing burden of chronic diseases and rising healthcare expenditure in the region present large market potential for domestic pharmaceutical firms. Scope to augment exports to other GCC and African countries by leveraging locational and trade advantages.

Threats: Increased price regulation and mandatory generic substitution policies can compress margins. Stringent manufacturing standards and regulatory approvals globally pose barriers to entering developed markets.

Key Takeaways
India And Oman Pharmaceutical Industry Market Demand is expected to witness high growth driven by increasing healthcare needs of the rising population in the region.

India dominates the market currently and accounts for over 60% of the total market value led by robust generics production and low manufacturing costs.

Key players operating in India and Oman Pharmaceutical Industry are Sun Pharmaceutical Industries Ltd., Cipla Ltd., Dr. Reddy’s Laboratories Ltd., Lupin Ltd. and Zydus Cadila. Sun Pharma leads the domestic market while Cipla has a growing international presence across regions like Asia Pacific, Middle East, and Africa. With rising government focus on healthcare access, increasing incomes, and evolving disease trends, the pharmaceutical demand in India and Oman is expected to grow at a healthier pace in the forecast period.

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