The Indian pharmaceutical industry is making significant strides in product development and medical research, establishing itself as a key player in the global healthcare sector.
In 2008, India’s domestic pharmaceutical market was valued at US$ 10.76 billion and has since been on a strong growth trajectory. The sector was projected to expand at a compound annual growth rate (CAGR) of 9.9% until 2010 and at 9.5% CAGR from 2010 to 2015.
➤ Ranked 4th globally in production volume and 13th in value.
➤ Contributed 8% of global pharmaceutical production and 2% of the world market in 2008.
➤ Known for its cost-efficient R&D and skilled workforce, India has become a preferred destination for pharmaceutical offshoring.
The Indian pharmaceutical offshoring industry was projected to become a US$ 2.5 billion opportunity by 2012, driven by:
➤ Lower research and development (R&D) costs
➤ A highly skilled talent pool
➤ An expanding global demand for affordable medicines