Patent expiry will be a major avenue of growth for the Indian pharmaceutical industry as products worth $235 billion are going off patent within horizon of five years (from 2009 to 2014), a top pharma company official said.
“The vaccume that is going to be created world over for same type of requirements after the expiry of patents can now be replaced by the generic drugs,” Chief Financial Officer Cadila Healthcare, Nitin D Parekh said. “Looking at the numbers, amongst the major drugs going off patent is the blockbuster drug Lipitor of Pfizer, whose annual sales is $12 billion that is larger than the size of Indian drug market,” he said. “With low cost manufacturing facility here the country is all set to gain from the basket of products going off patent,” Parekh said. Presently global generic drug market is pegged at $ 100 billion, which is about 12.5 per cent of the total requirement in value terms and 50 per cent in terms of volume ,he said. It reflects that patented drugs are priced higher than the generic ones, Parekh said. “The world’s generic drug market has been projected to grow by 9 per cent between 2008 to 2013,” he said.