How India Is Becoming A Home To The Largest Diabetes Drugs Market
A chronic disease, diabetes is characterized by high blood sugar level, caused by the improper functioning of the pancreas. India and China are dominating the BRIC diabetes drug market due to increasing diabetic population and aging people. Funds are being raised for controlling diabetes, boosting the growth of diabetes drugs in India.
Technological advancements and increasing sales of novel drugs are some important factors, causing India to emerge as the largest diabetes drugs market globally. International players can be seen entering the market, with the government introducing initiatives for controlling diabetes.
Market Growth
The diabetes drug market is estimated to reach $55.3 billion in 2018, with foreign companies eyeing India’s increasing diabetic population. German pharma major Boehringer Ingelheim clocked a 43.7 percent CAGR in the domestic anti-diabetes therapy segment in the past three years, catapulting to the eighth spot from the 15th position in 2016.
Boehringer Ingelheim India’s Managing Director Sharad Tyagi says, “Company had a focussed strategy to bring in its innovation-based research molecules to India.”
Fighting Diabetes
India is facing desperate time and needs to fight back diabetes with natural things like Ayurveda, Naturopathy, and Yoga. It is said the yoga can help maintaining almost all of the bodily functions at the optimum level and diabetes can be controlled by it as well. Leading brands in diabetes drugs such as Pfizer's is launching 'Exubera', an insulin inhaler, which can be inhaled like an anti-asthma spray.
Many pharmaceuticals have understood the fact that without expanding horizons in India, their growth can be stagnant or incomplete. At least three pharma majors have applied for patents to sell in India, post the launch of GlaxoSmithKline's blockbuster diabetes drug 'Avandia' in 2005 when the total Indian diabetes market was valued at $15 billion.
Growing at a double digit year –on- year growth rate, the Indian anti-diabetics market is very promising and offers lucrative opportunities to both domestic as well as foreign pharmaceutical players.
