Indian pharma "set to grow fivefold by 2010"

The value of the Indian pharmaceutical sector will grow from $5 billionnow to $25 billion by 2010, with a market capitalization of almost $100 billion by then, forecasts a new report from McKinsey & Co and the Federation of Indian Chambers of Commerce and Industry, reported by India Abroad.

By 2020-2050, the sector could be worth $100 billion, boosted by innovation-led businesses such as contract R&D, export-led generic and bulk drug production, growth of specialty therapeutic areas and technology-led remote sales and marketing, according to the study. Also, advances in genomics will lead to agreements under which Indian firms will provide multinationals with low-cost, high-value research, with strong information technology backing.