The authors of the “Indian Pharmaceutical Market” report argue that the 13 per cent expansion seen in India over the last 12 months is evidence that the industry was relatively unaffected by the global downturn.

They ascribe this performance to both strong internal demand and the sector’s continued focus on active pharmaceutical ingredient (API) and generics production.

The Cygnus analysts go on suggest that, going forward, growth will be driven by increasing investment in R&D, an increase in the number of ANDAs and DMFs, greater M&A activity and in-licensing.

They also predict that India’s thriving custom research and manufacturing sector (CRAMS), as exemplified by players like Jubilant Organosys, will give an “edge to Indian pharma companies in the coming years.”