Indian pharmaceutical industry set to observe tremendous growth by the year 2010
Owing to western manufacturers' keenness to shift jobs and tap the talented pool of professionals in India, the country is set to see tremendous growth in pharmaceutical sector in the years to come.
The Pharmaceutical industry in India is set to observe tremendous growth, with western manufacturers seeking to shift jobs in this country to reduce cost and to tap the skilled pool of professionals available here. The European and US pharmaceutical markets are heading toward generics, and this move is expected to offer enormous benefits to India. The overall Indian Pharmaceutical market is poised to grow by 10% by the year 2010.
The country stands to gain, as it's already a generics market, and is benefiting further by Indian drug makers, such as Ranbaxy, Reddy`s Laboratories, and Cipla to name a few. Thanks to high priced drugs in western world, manufacturers are pressurized from their government to control cost, and this implies that they'll have to move their manufacturing base to India.
Growth in this country is mainly attributed to government's efforts of enforcing intellectual property rights, strict patent regime, growing pool of skilled professionals in this sector, and opportunities for both up and down stream businesses. RNCOS has recently published a report namely „World Pharmaceutical Market (2007)”.
„Extensive foray, made by the pharmaceutical companies in India, in the fields of research and development, and innovative drug production, along with growth in generic drugs played as a key driver in most pharmaceutical market sales.” (newswiretoday)
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