A new report on India’s pharmaceuticals industry predicts it will take over about $2.5 billion in drug makers’ outsourcing by 2012. As companies in the EU and U.S. look for lower-cost manufacturing and R&D, India will get an influx of new work, according to the report from Zinnov Management Consulting.
The country has certainly done a lot to encourage that growth. Besides a rich talent pool and a number of pharma-educational institutes, the Indian government has also started offering tax incentives to drug makers and set up some necessary legal infrastructure, the report says. “India has the potential to become one of the key global pharmaceutical players and also become the backbone of off-shored services in Pharmaceuticals,” Zinnov’s CEO said.
The success of pharmaceutical offshoring / outsourcing is aided by the rich pharma talent pool and the spread of pharma-educational institutes. The Government has also provided tax incentives to the pharmaceutical industry and has taken necessary steps to enact tough laws on data security and IP related issues to mitigate certain offshoring challenges. Development of Pharma Special Economic Zones SEZs is a key step by the Government to enable the growth of pharma industry, finds the study.
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