So now the companies have started exploring new business opportunities, including contract research (drug discovery and clinical trials), co-marketing alliances and contract manufacturing.

A few years ago, investment in R&D was as low as 0.001% of the total R&D worldwide, but now companies are focusing on drug discovery and R&D. They are spending over 5% of their turnover on R&D e.g. Wockhardt (8%), Cipla (4%), Cadila (4.45%).

The value of Indian Over-The-Counter Medicines (OTCs) market is over US$ 940 million and is growing at the rate of 20% per year. There are about 61 US FDA approved plants in India, which will help Indian companies grab the opportunity of contract manufacturing.

Indian Pharmaceuticals Market

The growth of market share of Indian pharmaceutical companies in the domestic pharma sector over the years is as follows:

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