2013 was probably one of the worst years for the Indian economy, with inflation running unbridled and economic growth grinding down to a level below 5 per cent.
Unfortunately, the pharma sector also witnessed an unprecedented slowdown growing at a single digit in 2013 against an average growth of 12 per cent the previous year. The negative impact was further compounded with adverse policy decisions with respect to pricing, FDI, clinical trials and compulsory licensing in India. An overactive USFDA issuing notices to some of the leading Indian pharma companies tarnished the sector’s image. All this made 2013 an ‘Annus Horribilis’ for Indian pharma.