Pharma and Life Sciences
"The Indian pharmaceutical industry is a success story providing employment for millions and ensuring that essential drugs at affordable prices are available to the vast population of this sub-continent."
Pharmaceutical and life sciences companies operate in a highly regulated environment with long product lifecycles. Their operations are both data and document-intensive. Pharmaceutical product development can take up to 15 years and $1 billion or more per product.
In India the Pharmaceutical/Life Sciences Industries are undergoing a profound change has come a long way, being almost non-existent before 1970 to a prominent provider of healthcare products, meeting almost 95 per cent of the country's pharmaceuticals needs
It's one of the fastest growing sectors in India, the pharmaceutical/Life science sector is witnessing exponential growth. A key component of such growth is India?s ability to provide lower cost research and development to multinational companies.
India's rich talent pool of nearly 13.5 million science graduates, growing at the rate of 36% provides an ideal platform for global pharmaceutical companies to outsource drug development processes.
Manufacturing costs that are 30-40% lower than those in the United States and Western Europe in addition to labor costs that are one-seventh of that in the United States make India an attractive destination for global multinational drug makers to outsource their business activities to India.
Currently the income generated is an estimated 13.1 billion dollars and India is set to become one among the leading player in the pharma arena looks poised to grow to $55+ billion in 2020.