Growth potential for India in innovation and R&D, says analyst

India has the third largest pharma market in the world by volume, according to research by analytics firm GlobalData, placing it behind giants such as the USA and China. The company notes that India’s potent manufacturing capabilities, high export activity and large generics market have supported the country in grabbing ‘bronze place’.

According to GlobalData’s latest report, ‘ Impact of India on the Pharmaceutical Industry,’ key opportunities for continued growth in the Indian pharmaceutical market include bolstering the domestic production of active pharmaceutical ingredients (APIs) and increasing investment in the research and development (R&D) of innovative therapeutics.

According to GlobalData’s immunology analyst Chris Pilis, “India’s manufacturing capacity and generics market are significant assets. The country is the world’s top vaccine manufacturer and is among the largest producers and exporters of APIs and generics globally. Notably, most of India’s marketed pharmaceuticals are generics, comprising approximately 97%.”