India to me conjures up thoughts of curry, cricket and call centers. When I think about the Indian pharmaceutical industry, global manufacturers of generics such as Ranbaxy, Natco and Dr Reddy’s Laboratories come to mind.
What I don’t associate India with, is pharmaceutical drug discovery and the development of new drugs.
Pharmaceutical R&D is not only expensive, but requires a high-degree of expertise and comes with a high risk of failure.
Companies in the United States, Europe and Japan still develop most new drugs.