The Indian pharmaceutical industry has come a long way from waiting for imports of bulk drugs from global majors for re-processing to becoming an industry which is driving product development and breaking new ground in medicine research worldwide.As one of the fastest growing sectors in India, the pharmaceutical industry is witnessing tremendous growth. According to a study by Bangalore-based management consultancy firm Zinnov, the Indian pharmaceuticals industry is growing at a compound annual growth rate (CAGR) of over 7 per cent and is likely to become a US$ 11.6 billion opportunity by end 2009.
According to the study titled 'Indian Pharmaceutical Offshoring Landscape' released in September 2008, the Indian pharmaceutical offshoring industry is slated to become a US$ 2.5 billion opportunity by 2012. One of the key factors driving the offshoring wave is increasing research and development (R&D) costs, which in turn are compelling pharmaceutical organizations in the US and EU to look for new low-cost R&D destinations such as India and China.
According to a research report, 'Booming Pharma Sector in India', released in August 2008 by RNCOS (an industry research firm), India is now a destination with the most potential for pharmaceutical exports. The country exported drugs worth US$ 7.2 billion in 2007-08 and the US and Europe were the biggest export destinations for Indian generic manufacturers, followed by emerging markets like Central and Eastern Europe, Latin America and Africa.
The report forecasts that Indian pharmaceutical exports will grow at a CAGR of 18.5 per cent between 2007-08 and 2011-12. This growth will be fuelled by multi-billion dollar patent expirations and growth in the global generics market. Industry watchers feel that the country's medicine industry should grow by 11 to 12 per cent, driven by a renewed focus by home-grown pharmaceutical companies.
According to the study titled 'Indian Pharmaceutical Offshoring Landscape' released in September 2008, the Indian pharmaceutical offshoring industry is slated to become a US$ 2.5 billion opportunity by 2012. One of the key factors driving the offshoring wave is increasing research and development (R&D) costs, which in turn are compelling pharmaceutical organizations in the US and EU to look for new low-cost R&D destinations such as India and China.
According to a research report, 'Booming Pharma Sector in India', released in August 2008 by RNCOS (an industry research firm), India is now a destination with the most potential for pharmaceutical exports. The country exported drugs worth US$ 7.2 billion in 2007-08 and the US and Europe were the biggest export destinations for Indian generic manufacturers, followed by emerging markets like Central and Eastern Europe, Latin America and Africa.
The report forecasts that Indian pharmaceutical exports will grow at a CAGR of 18.5 per cent between 2007-08 and 2011-12. This growth will be fuelled by multi-billion dollar patent expirations and growth in the global generics market. Industry watchers feel that the country's medicine industry should grow by 11 to 12 per cent, driven by a renewed focus by home-grown pharmaceutical companies.
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