The pharmaceutical sector is one of the fastest growing sectors in India, with an estimated growth in production turnover from about ₹50 billion (US$925 million) in 1990 to over ₹1,000 billion in 2009-10. The domestic market accounts for around 60% of the turnover and exports for the remainder.
Globally, India is the third-largest producer of medicines by volume, according to figures in the National Pharmaceuticals Pricing Policy, 2012.
Policy change
In recent times, foreign multinational companies have acquired several well-known Indian pharmaceutical companies such as Ranbaxy Laboratories, Shanta Biotech, Matrix Lab, Orchid Chemicals and Piramal Healthcare. These acquisitions raised concerns about the affordability and availability of pharmaceutical products in India. In response, the Indian government amended the foreign direct investment (FDI) policy in relation to the pharmaceutical sector through a press note dated 8 November 2011, which continues in force.
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Puja Sondhi is a partner and Ramanuj Gopalan is a principal associate-designate at Amarchand & Mangaldas & Suresh A Shroff and Co, New Delhi. The views expressed in this article are those of the authors and do not reflect the position of the firm.
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