Chennai, India: Professor Steven Myint, chairman of Chennai-based Green Signal Bio Pharma, predicts that India’s vaccine manufacturing will grow from current revenues of $665m to $800m soon.
India has emerged as a key vaccine manufacturer in recent times. It already produces 60% of the global health vaccines, according to a report in India Post. Vaccines have emerged as one of the growth drivers of the global pharmaceutical industry, said Myint on a recent visit to New York.
The scientist said that the scare of avian flu, bio-terrorism organisms and new emerging infections like SARS and the introduction of cancer and rotavirus vaccines have led to phenomenal growth in the vaccine market in the last few years.
Exports have a major share in the Indian vaccine market, with 70% of vaccines being exported. Of the total domestic market, the private sector’s share stood at $120m or at 40%.
However, it is estimated that in the future more opportunities for manufacture and sales of vaccines will emerge from developing nations such as India and China, said Myint.
