Ever since the evolution of mankind, diseases and medicines have become an indispensable part of our lives. Health problems are on the rise and with it, the pharmaceutical business. Pharmaceutical companies provide drugs or medicines that are required for medical treatments. Earlier in India, these medicines were provided by various multinational companies. However, this monopoly ended with the Indian pharmaceutical industry taking a revolutionary turn in the 1970s with the enactment of the Indian Patent Act that allowed local development of pharmaceutical industry.

At present, the Indian pharmaceutical business has become the third largest in the world in terms of volume and fourteenth in terms of value. It is estimated to touch US $20 billion and enter the list of the top 10 global pharmaceutical markets. The future of the Indian pharmaceutical business development seems favourable due to the increase in demand for generic APIs and India has emerged as a frontrunner in the production of these generic Active Pharmaceutical Ingredients (APIs). Competency in technology and skillful workforce has contributed to the success of pharmaceutical business development. Also, affordable rates have played a pivotal role in the pharmaceutical business development. As a result, the Indian pharmaceutical sector is thriving at about CAGR of 13.7%. » Read more: The Future and Business Development of the Indian Pharmaceutical Industry