PharmmaEx Expo 2024: Bangalore Set to Host Largest Pharma Expo from Feb 2

A recent report by CareEdge Ratings underscores the robust growth of the Indian pharmaceutical industry. With a compound annual growth rate (CAGR) of 6-8% during FY18 to FY23, driven by an 8% increase in exports and a 6% rise in the domestic market, the sector exhibits resilience and strategic expansion.

Shivam Sharma, Director of Devasya Media (The event organising company) emphasized the event’s significance amid these market dynamics: “PharmmaEx Expo serves as a dynamic platform, fostering collaboration and innovation in the pharmaceutical sector. Against the backdrop of industry growth and evolving trends, the expo becomes a nexus for stakeholders to explore opportunities and navigate the changing landscape.”

In FY23, the Indian pharma market witnessed a remarkable year-on-year growth of nearly 5%, reaching $49.78 billion. Notably, exports grew modestly by 3%, while the domestic market surged by 7% year-on-year. Developed markets recorded an 8% growth, overcoming challenges posed by the Russia-Ukraine conflict, scarcity of foreign currency in several African countries, and significant depreciation of local currencies in emerging markets.

PharmmaEx Expo 2024 promises to showcase the latest advancements in pharmaceuticals, healthcare, and related technologies. With participation from over 150 exhibitors, the event assures an immersive experience for attendees eager to explore the forefront of pharmaceutical breakthroughs.

The Indian pharmaceutical sector’s anticipated steady growth in the medium term is attributed to structural factors such as the ageing population, a rise in lifestyle-related chronic diseases, increasing healthcare awareness, insurance penetration, and augmented government spending under various schemes. Additionally, the changing global demography and the proliferation of complex and speciality generic products are poised to propel the export growth of Indian pharma companies. This growth will be further bolstered by patent expires in regulated markets.

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