15 Blockbuster Drugs Worth $112 Billion To Go Off Patent By 2029, Says Pharmexcil Official
It could potentially result in a $10-billion growth opportunity for the Indian pharma sector.
Patents of 15 blockbuster drugs worth $112 billion will expire by 2029, an official from the Pharmaceuticals Export Promotion Council of India, a department under the Union Ministry of Commerce, said.
This could potentially result in a $10-billion growth opportunity for the Indian pharmaceutical sector, which can manufacture generic drugs, including intricate formulations.
Addressing a press conference, Udaya Bhaskar, director general of Pharmexcil also said that Indian pharma exports grew 8.85% in April and May this year to $4.73 billion against $4.35 billion during the same period last fiscal.
He added that due to increased focus on quality issues by international regulatory bodies, Pharmexcil has now placed a greater emphasis on quality control and promoting a culture of quality within the industry.
This is being achieved through the implementation of capacity building initiatives in various states to enhance the reputation of the Indian pharmaceutical sector at a global level.
According to the pharma exports body, India has 748 United States Food and Drug Administration approved manufacturing facilities.
He also said that the Indian pharma sector is fraught with challenges such as geopolitical tensions, supply chain issues, pricing pressures and increased scrutiny by global regulatory agencies, among others and that the government needs to be proactive to overcome these hurdles.
"During 2023–29, 15 blockbuster drugs (including biological products) are going to be off-patented worth $112 billion, which would provide a tremendous growth opportunity for India pharmaceutical companies by another $10 billion," the official said.
A senior official of the Pharmexcil said drugs such as Merck's Pembrolizumab (Keytruda) whose revenue were at $25 billion and Bristol-Myers Squibb's Eliquis (Apixaban) at $12 billion, among others would be off-patented in the next few years.
According to him, Indian pharma exports grew from $3.9 billion in FY05 to $27.85 billion in FY24 and is expected to touch around $31 billion this fiscal.
Bhaskar said India’s imports in April and May have increased marginally by 1.98%, from $8.10 billion in FY23 to $8.26 billion in FY24.
According to him, Latin America and Africa are the regions in focus for Indian pharma exports.
(With inputs from PTI)
