Rising focus on R&D in India whose pharma exports have reached $14.5 billion

The domestic pharmaceutical industry in India has been growing at a compounded annual growth rate (CAGR) of over 14.5% for the past four years while pharma exports have grown at CAGR of 17% during last three years with exports reaching $14.5 billion during the year 2012-13, according to an overview of the released by the India Brand Equity Foundation (IBEF).

Indian pharma companies are constantly innovating and adopting international standards to stay relevant in the competitive global market. In fact, Indian pharma companies are known for their strict regulatory compliance with international market norms. It is, therefore, not surprising that the Indian pharma sector received close to 40% of all Abbreviated New Drug Approvals (ANDA) approvals from the US Food and Drug Administration during January-July 2013.

At the same time, Indian pharma companies are making high investments to ensure absorption of modern procedures and practices for operational efficiency. The two trends, viz, a growing focus on R&D, coupled with fast paced growth in health information technology (HIT) – are emerging as critical drivers of the Indian pharmaceutical industry, says the IBEF review.