India is often referred to as the "pharmacy to the world", ranking third worldwide in total production volume and tenth by value.
As per National Indian Promotion Agency, it is the largest producer of generic medicines and vaccines, occupying 20% volume share in generics and 62% in vaccines.
Pharmaceutical spending in India is projected to grow over the next decade, leading India to become one of the top 10 countries in terms of medicine spending.
Increasing penetration of the health insurance and pharmacies is expected to drive expenditure on medicine.
For more details, check out our pharma sector report.
You can also check out Equitymaster's powerful stock screener to find the top pharma and healthcare companies in India.
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