India's drugmakers are embracing their rapidly growing pharma sector by pouring money into research and development. R&D spending at India's top 25 drug companies soared 17 percent in 2008-2009, according to a survey conducted by Pharmabiz.
At 4.71 billion rupees, Ranbaxy came in at the top of the Indian drugmaker heap. However, the drugmaker boosted R&D spending by just 2.4 percent over the previous year. Ranbaxy was followed by Dr Reddy's Laboratories and Lupin as the biggest R&D spenders. Of the 25 companies surveyed, six drugmakers upped their research spending by a whopping 40 percent. Those companies included Ind-Swift, Jubilant Organosys, Matrix, Piramal Healthcare, Sun Pharma Advance Research and Stride Arcolab.
Overall, India's total pharma industry market is currently valued at $10.8 billion; that's expected to double to $20.9 billion in 2014.
- here's the Pharmabiz article