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Growth in India's domestic pharmaceuticals market slowed to 9.8 per cent this year from 16.6 percent in 2012, PwC India said.
A 2013 government drug price control order slowed revenue growth of pharmaceutical companies and free medicine programs introduced in some states also dented growth in the domestic market, Sujay Shetty, the firm's leader of pharmaceuticals and life sciences, and Krishnakumar Sankaranarayanan, an associate director, said in a e-mailed statement yesterday.
"Looking ahead to 2014, Indian companies will look to redesign their product portfolio keeping in mind the price control requirements," they said.
"They will look to take advantage of the opportunities offered by biosimilars. To be able to capitalize on these opportunities, Indian pharmaceutical companies would need to renew their focus on manufacturing quality to ensure that they are adherent to the norms of the regulatory agencies," they added.
