Pharmaceutical Research and Development (R&D) is slated to become the next big thing in the offshore services market in India with a growing number of multinational pharma companies seeking to establish their R&D operations in the country.
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.
US-based BCG said in its latest report 'Harnessing the power of India' that 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.
India ranks among the top nations for R&D spending by MNCs across all industries, and biopharma companies in the sub-continent nation have been increasingly active in securing their share of this interest and investment, the report added.
The country would no longer be considered a developing country in the pharma R&D market, as its hubs acquire equal status with their European and US-based counterparts, the report added.
A separate study by global strategy consulting firm Booz Allen Hamilton and France-based Business School Insead, said that more than three-quarters of the R&D sites to be set up over the next three years would be located in India or China.