New Delhi: Pharmaceutical Research and Development (R&D) is about to become the next big thing in the offshore services market in India.
The number of multinational pharma companies seeking to establish their R&D operations in the country has been growing over the past years.
According to the international strategy and management-consulting firm, Boston Consulting Group, India would soon become a vital hub in the multinational pharmaceutical firms' global R&D network.
"Partnerships between Indian and global pharma companies are on the rise and almost all top global firms are heading towards India with plans to set up their R&D divisions," said the US-based report 'Harnessing the power of India.'
India ranks among the top nations for R&D spending by Multi National Companies (MNCs) across all industries, the report added.
The report also said that India would no longer be considered a developing country in the pharma R&D market, as some of the Indian industries have acquired equal status with their European and US-based counterparts.
However, the potential benefits of outsourcing R&D operations to India comes along with certain challenges too and the MNCs pursuing opportunities in the country must be aware of the pitfalls, the report said.
Besides major advantages such as cost savings, smoother-flowing pipelines, and expedited clinical trials, the concerns related to weaker IP protection, a resource-draining bureaucracy, and infrastructure related issues are some of the possible spoilsports, it added.
The global pharma companies are advised to come to India with a long-term perspective, the concluded the report.
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