India’s drug industry has changed dramatically over the past thirty years. Their drug industry was almost nonexistent in the 1970’s. Today India is a top provider of pharmaceuticals to the world and India’s industry provides over 90% of their country’s drug needs. Globally the Indian industry is fourth overall in volume, and ranks thirteenth in value. Combined these ranks put the Indian market very near the top. This success is due to India’s government implementing new rules for the industry, forcing patent recognition, and respecting intellectual property rights of pharmaceuticals. India signed the World Trade Organization agreement and is bound to respect these rules. Since engaging in legal production of pharmaceuticals, the Indian industry
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They grew through new drug launches, new drug filings, and expanded clinical trials. The generic market continues to grow and become more profitable. India’s higher-income population is expanding as well as their healthcare industry. India did not halt its production of generic brand products, instead they expanded it, generic drugs are expected to be an even bigger part of the market in the upcoming years and India is prepared to take advantage of the situation. India is becoming almost self-sufficient in production and is continuing to prove it can succeed in the …show more content…
India has gained an advantage on the market by a large educated work force, low wages, and the English language spreading across India. India utilizing the English language has been a huge advantage and is a big reason why Western companies choose India over other countries such as China. And for foreign investors it is easier to do business in English than other languages. Knowledge of the English language has helped India comply with regulatory agencies in the United States as well as the European Union. India’s acceptance of the English language has enabled them to provide strong legal framework and solid financial markets. English has also provided India with a skilled workforce and one that is motivated to work hard. India’s pharmaceutical productions are almost half of Western nations and research and development costs are less than fifteen percent of Western costs. These advantages make India a very dangerous competitor to the
They grew through new drug launches, new drug filings, and expanded clinical trials. The generic market continues to grow and become more profitable. India’s higher-income population is expanding as well as their healthcare industry. India did not halt its production of generic brand products, instead they expanded it, generic drugs are expected to be an even bigger part of the market in the upcoming years and India is prepared to take advantage of the situation. India is becoming almost self-sufficient in production and is continuing to prove it can succeed in the …show more content…
India has gained an advantage on the market by a large educated work force, low wages, and the English language spreading across India. India utilizing the English language has been a huge advantage and is a big reason why Western companies choose India over other countries such as China. And for foreign investors it is easier to do business in English than other languages. Knowledge of the English language has helped India comply with regulatory agencies in the United States as well as the European Union. India’s acceptance of the English language has enabled them to provide strong legal framework and solid financial markets. English has also provided India with a skilled workforce and one that is motivated to work hard. India’s pharmaceutical productions are almost half of Western nations and research and development costs are less than fifteen percent of Western costs. These advantages make India a very dangerous competitor to the