Rajkot: According to a study, India will emerge as a leading global player in pharmaceutical industry by 2020, securing a place among the top five major global markets.
City-based Ikon Marketing Consultant (IMC), one of the leading marketing consulting firms in the country, has come out with a study on the pharma sector in India.
Describing the ongoing decade as a healthy one for pharma industry, Azaz Motiwala, IMC founder and Principal Consultant said the major driving factors in this decade are huge domestic demand and increased spending on drugs.
"The global pharma market is expected to grow at 7 percent to 8 per cent over the next five years, reaching an anticipated US $1.7 trillion in 2020," Motiwala said, adding that India is going to rank among top ten global players by 2015 itself.
According to him, Indian consumer currently spends nearly one per cent of his total income on drugs and pharmaceuticals, which will not alter significantly in the current decade.
"However, with the rise in the per capita income, the spending is going to be triple (approximately US $33) by 2020," Motiwala said.
"Government's long term vision of making quality health care affordable, at least 50 per cent of country's population should be covered by health insurance by 2020, against the current coverage of only 15 percent and the research indicates that the coverage should increase to 80 per cent within next ten years," he added.
By 2020, nearly 650 million people will have health insurance cover, while private insurance coverage will grow by nearly 15 per cent annually till 2020, he said. (Nassir Abdulaziz Al Nasser of Qatar will take over as President of the 66th session of the General Assembly.
The Assembly would continue intergovernmental negotiations on Security Council reform in an informal plenary at the 66th session.
It will also convene an open-ended working group on 'Equitable Representation on and Increase in the Membership of the Security Council'.
The General Assembly concluded its 65th session on Monday, with its outgoing President Joseph Deiss saying while progress has been made on a number of development-related issues, there is need for the UN to do more to respond to the real concerns of people worldwide.
"We have accomplished much," Deiss said in his closing remarks, adding however that "more could have been done".    

"The situation in the Middle East remains unstable; in many parts of the world, conflicts are ongoing; far too many human beings on this planet are living in precarious conditions. In all these situations, we do not have the right to remain indifferent," Deiss said.
Making a strong plea for common interests to prevail over national priorities, Deiss said too often member states seemed reluctant to abandon set-in-stone positions.
Worse still, crucial debates that were fundamental for the poorest and most vulnerable often were held hostage to electoral positions and hidden agendas, a tendency that bred double standards, he said.
Highlighting another area of underperformance, Deiss said the Assembly's deliberations were often detached from the concerns of the public.
These discussions were "abstract, even incomprehensible" to outsiders.
"Some of our battles may seem futile to those who live under oppression, or insecurity, extreme poverty and conditions devoid of human dignity," he said.
The 65th session had kicked off last September with a high-level meeting on the Millennium Development Goals, ambitious targets that aim to slash hunger and poverty, maternal and infant mortality, a host of diseases and lack of access to education and healthcare by 2015.