In financial year 2020 in India, Lupin had the highest amount of spending on R&D with 225 million U.S. dollars. By contrast, the lowest was by Wockhardt with 48 million U.S. dollars.
Pharma R&D in India
On an average, Indian pharmaceutical companies spend less than 13 percent of their annual turnover on R&D. While in fiscal year 2020, the highest expenditure on R&D was made by Lupin, Sun pharmaceuticals made promising strides towards its development plan and investments in the R&D (999279) sector and is set forth to bring focus on a variety of complex products including active pharmaceutical ingredients (APIs) along with investments in speciality pipeline.
Market outlook
According to an OECD estimate, the pharmaceutical industry in India is expected to grow by 317 percent between 2017 and 2060, leading the global pharmaceutical market, followed by Indonesia. Currently, over 50 percent of the world’s demand for vaccines, 40 percent of demand for generic drugs in the United States and one-fourth of all medicine demand in the United Kingdom is supplied by the Indian pharmaceutical industry. With a robust presence in the generics segment, the thriving Indian pharmaceutical export market was valued at 20 billion U.S. dollars in fiscal year 2020. Other major accomplishments can be attributed to successful joint ventures within the industry and upscaling and expansion by Indian players abroad.
