India Geared Up to Tap $31 Billion Drug Outsourcing Market (India)
This article was originally published in PharmAsia News
The Indian pharmaceutical industry is currently in an excellent position to further expand its outsourcing and generics capabilities. Tightening regulatory conditions and heightened environmental concerns worldwide are making outsourcing a necessity for many industries. In fact, the global outsourcing industry is expected to grow to $31 billion by 2010. Because of the country's continuing ability to produce drugs at comparatively low costs, India has much to gain from this trend. Contract research is also expected to skyrocket thanks to decreased research and development productivity and a number of major patent expirations. By 2010, contract research is projected to be a $24 billion market. As they expand their R&D capabilities, more Indian pharmaceutical companies are ready to access this market as well. Other projections say the global generics industry will jump 11 percent to $94 billion by 2010. This is excellent news for the majority of Indian drug makers for whom generics remain a central aspect of their business. In addition to international expansion, the country will mostly likely see a rise in domestic drug demand. Increasing healthcare spending, expanding access to health benefits, and changing disease profiles are all predicted to fuel demand for medicines within India. (Click here for more
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