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Following the increased scrutiny under which the U.S. Food and Drug Administration (FDA) has placed several major Indian drug makers, others have been looking to take advantage and claim a share of the American pharmaceutical market.
According to the Telegraph India, companies like Macleods Pharma, Indoco Remedies, Intas Pharmaceuticals and Hetero Labs are venturing into the well regulated and lucrative U.S. market. A new report by Motilal Oswal Financial Services has stated that a third wave of generic drug makers from India is attracted by the largest generics market in the world and is set to make an impact. The new entrants are expected to further intensify competition and cause shifts in the balance of power, or even redistribution of market shares.
RELATED: Generics dent market share of brand-name drugs
Another reason that is prompting Indian pharmaceutical companies to eye the U.S. market is the newly introduced drug pricing policy, which is predicted to restrict growth opportunities on the domestic market. Some of these companies, such as Intas Pharmaceuticals, have already established a presence on the U.S. market and will be looking to expand their portfolios and to attract more consumers. Others, like Indoco Remedies and Unichem Labs, are yet to set foot in the United States, the report said.
According to Motilal Oswal Financial Services, Indian manufacturers are still to develop their full potential on the biggest market, as currently Indian pharmaceutical companies hold just 10 percent of the U.S. generic drug market.