Indias emerging pharmaceutical industry has appeared as the world leader in the fabrication of standard generic drugs, ever since the Patent Act 1970 permitted India to seriously approach and contributes in the pharmaceutical market worldwide. India is the preferred nation for pharmaceutical generation, with low charges for research and development as well as production of drugs. And the pharmaceutical companies in India have made full use of the favorable environment offered by the country to make it big.
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The workforce and technological proficiency of pharmaceutical companies in India ensures the growth of the industry on a global scale as well as within India. The sector is predicted to value about $3.1 billion (USD).
In the year 2008, Indian pharmaceutical market was assessed at $7,743m which witnessed an augmentation of 4.0% over 2007. Business observers predict that the Indian pharmaceutical market will escalate at an increasing mode as compared to the global pharmaceutical market, at a CAGR of 13.2% during the fiscal years 2009-14 to reach an overall worth of $15,490m in 2014. India has also appeared as the preferred location for the pharmaceutical companies of the world because of its towering growth scenario furnished by elderly population, alteration in disease profile, developing patent system and socio-economic circumstances. The competition in the Indian pharmaceutical market is cutthroat and the market is divided among the top 10 pharma companies accounting for 36.1% of the overall R&H sales in the fiscal year 2008. India began to abide by the World Trade Organization’s Trade Related Aspects of Intellectual Property Rights (WTO-TRIPS) agreement and acknowledged product rights after the revision of the Indian Patent Act in January 2005. Indian firms are laying out strategies to benefit from the Japanese government proposal to endorse generic drugs to minimize healthcare charges Top ten pharmaceutical companies in India (along with their 2007 turnover):
By sales India’s largest pharma firm with the returns touching Rs 4,198.96 crore (Rs 41.989 billion) in 2007
With a turnover of Rs 4,162.25 crore (Rs 41.622 billion) in 2007, Dr Reddy’s lab is second largest drug firm in India by sales .
Cipla generated an annual revenue of Rs 3,763.72 crore (Rs 37.637 billion) in 2007 making itself the third largest pharmaceutical firms.
Sun Pharma Industries had an overall earnings of Rs 2,463.59 crore (Rs 24.635 billion) in 2007.
Lupin Labs yielded total profit of Rs 2,215.52 crore (Rs 22.155 billion) in 2007.
India’s sixth largest pharma company by sales, Aurobindo posted Rs 2,080.19 crore (Rs 20.801 billion) annual returns in 2007.
With 2007 turnover touching Rs 1,773.41 crore (Rs 17.734 billion,
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