This provides a big opportunity for India's generic players, as Japan believes in the Indian quality," said Shailesh Siroya, managing director, Bal Pharma.
Of the $60 billion Japanese pharmaceutical market, generic drugs constitute only 5-7 per cent at present, whereas they account for about 60 per cent of all prescription drug sales in the West.
Now that the Japanese government has started promoting the more affordable generic drugs, especially for those receiving free medical care under the welfare schemes, it is estimated that generics will account for about 20 per cent of its pharmaceutical market in a span of two years.
global sales are estimated to be $350 million, of which Japan accounts for around $100 million.
is coming off patent by next year, and "this is where we stand to gain", he
With Rs 76 crore turnover last fiscal, Bal Pharma
aims to be a Rs 100-crore firm in a couple of years, mainly through growth in the international markets. and branded formulations, Siroya