u.s pharma majors go shopping in india

Varun Nemmani June 2016 University of Missouri- Kansas City

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US Pharma Majors Go Shopping in India:

A Know-How Guide to Acquire & Invest in the Indian Pharmaceutical Industry

Abstract:

The present paper deals with the topic of the evolving landscape of the global pharmaceutical

industry, where the manufacturing and other vital operations do not take place any longer in the

conventional markets but have shifted to more cost-effective, emerging markets in the world. In

the wake of this transformation there has been a sudden rush in the industry to form global strategic

alliances/ partnerships and to acquire pharma companies. This trend of consolidation has caught

up with firms in both developed and emerging economies alike, to acquire the resources and

capabilities that would equip them with a sustainable competitive edge in a hyper-competitive

market. This research paper is an attempt at understanding- the forces that have caused the shift,

why the time is ripe for pharmaceutical firms in the US to expand beyond their comfort zone and

enter the race to expand into emerging markets- especially into India, the best route to enter the

Indian industry (investments and acquisitions), whom and how to select for mergers &

acquisitions, understanding the various opportunities and issues of operating in the Indian market,

the various elements that make up the Indian industry and the various factors at play there, which

make it unique in ways more than one, strategies to capture the Indian market and how to transform

the organizational culture, manufacturing practices and supply chain to make the acquisition not

only a success story but also to ensure the company abides by the rules and regulations of the

USFDA. Last but not the least, the paper would also examine the exit strategies, in case the

acquisition doesn’t turn out quite right.


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Introduction:

The latest trend in the global pharmaceutical industry is of mergers, acquisitions, alliances and

partnerships to cooperate with each other. The major reasons behind such a move of consolidation

in the industry is that Research & Development costs are spiraling up, developing drugs is time

consuming, the development phase can be stuck in the pipeline for years together, results are highly

uncertain and drugs can often fail at the clinical trial phase as well, the possibility of finding the

‘blockbuster’ drug is quite rare and more often than not access to international markets if often

draught with various regulatory issues as well as severe competition. Not all companies have the

necessary funds, skills and capabilities to achieve the desired level of innovation and

manufacturing capacities. When a drug is in the pipeline, with a lot of investment locked in,

sustainability can become an issue. The desperation to survive and to continue earning revenues

to keep the firm running against all odds, often makes these businesses turn a blind eye to quality

and regulatory issues. This is when a pharmaceutical company earns the risk of facing the wrath

of regulatory bodies such as USFDA, which can often lead to their drugs being banned from the

market. Hence a lot of pharma companies in the world are seeking M&A’s and alliances on a

global scale. The phenomenon of ‘consolidation’ in the pharma industry is a reality, it is here to

stay and is inevitable. This would enable them to not only acquire knowledge and gain skilled

workforce in the emerging economies but also leverage the low cost structure of the developing

markets. These international alliances would help a multinational company transform into a

transnational organization (Anonymous, 2006).

At this point, the question that begs to be asked is, why are American firms shifting their operations

and manufacturing base from their home turf to emerging markets like India? The answer is that-

i) revenues of US based companies are decreasing because of fall in prices of generic drugs, ii)

more generic drugs are being introduced into the market, iii) most of which are being pumped from

low-cost markets in to the US market, iv) M&A’s and global alliances are reducing the number of

firms manufacturing in the United States and v) the most important and perhaps an obvious reason

behind all this is the rising costs of manufacturing costs in the US (Greene, 2007).

There has been surging interest in the field of generics for a lot of reasons for quite some time now.

According to the reports of the US Trade Commission, of the 10 largest generic firms in the world,

9 belong to the US and these firms are out to capture generic drug manufacturers in low-cost


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markets like that of India. Indian pharma companies have specialized the manufacture of generics

long before it became a hot topic of the global pharma industry. Another point of interest is the

cost of generics. They cost anywhere between 30-80% cheaper than the branded drugs and as a

result, close to 56% of the drugs prescribed by doctors in the US are generics and sales of generics

grew by 21% between the years 2004 and 2005 (Greene, 2007). Pharmaceutical companies

specializing in innovation too have diverted their attention towards generics now as their patented

drugs are about to lose their protection (patent expiry). For example, Pfizer, which had exited the

generics business long ago, re-entered the field of generics with the creation of ‘Established

Products’ in 2008 for manufacturing generics and later in 2009 and 2010 Pfizer had signed

contracts with two Indian firms for the manufacture and supply of vaccines and anti- cancer drugs

(Harding, 2010).

Now, let’s dissect the Indian pharmaceutical industry to understand the sudden interest it has been

garnering from its international counterparts.

The Indian Pharmaceutical Industry:

The Indian pharma industry is the third largest in the world in terms of the volume of exports and

ranks thirteenth in terms of value of its exports (India Brand Equity Foundation, 2016). The size

of the Indian pharma industry is estimated to be around $ 20 billion (Indiatimes, 2016) and the

export turnover of the industry is over $ 10 billion and it exports to more than 200 countries

(Taylor, 2014). The CAGR of the industry is 14%, whereas the growth rates of the pharma

industries in EU and US hover between 1-6% (Sharma, 2010). Up to 40% of the generic drugs

available in the US market come from India (Taylor, 2014) and as of 2014, the total value of the

exports to the US stands at $ 3.45 billion. Around 520 Indian firms are registered with USFDA

(Business line, 2015).

SWOT analysis of the industry:

Strengths of the Indian Pharmaceutical Industry:

The biggest strength is perhaps its cost effectiveness and its capability to produce drugs at

the cheapest rate possible. According to the estimates of the US Trade Commission, the

labor costs are 50-55% cheaper in India than they are in the US, infrastructure costs are

40% cheaper, the fixed costs in the Indian pharma industry are less by 12-20%, cost of


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developing bulk drugs is 60% less in India and the construction of a production plant costs

40% less.

Most Indian pharma companies have immense experience in the field of reverse

engineering of drugs, which is a huge asset when it comes to the manufacture of generics.

The industry specializes in ‘contract manufacturing’.

India boasts of a large pool of English speaking, technically skilled workers who come at

a low cost.

Rapidly developing and evolving infrastructure.

Reformations in Patent laws to the advantage of firms looking to manufacture new drugs

(Greene, 2007).

Weaknesses of the Indian Pharmaceutical Industry:

Huge investment gap in R&D and other innovation projects. As a result, it lags behind in

innovation and is hugely restricted to replicating existing drugs whose patents have expired

(Business line, 2016).

The pharma industry and its supply chain are both highly fragmented.

The Indian government imposes ‘price ceilings’ on certain important and lifesaving drugs

The ever increasing problem of counterfeit drugs in the market.

Absence of strong and established logistics players in the industry, as a result of which the

cost of distribution is high (Greene, 2007). Close to half of the costs in the supply chain

arise from logistics alone (Shetty, 2015).

Lack of proper clinical trials.

Lack of documentation of the processes involved.

Insufficient information and compensation to patients participating in the clinical trials

(Taylor, 2014).

Opportunities in the Indian Pharmaceutical Industry:

The fact that the Indian industry already boasts of such impressive exports and that the

exports are poised to touch the $ 50 billion mark by 2020 speaks volumes of the immense

opportunities that the Indian industry holds.

Evolving and ever increasing demand in the Indian domestic market.


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$ 40 billion worth patented drugs have gone off patent in the year 2010 and many more

drugs will follow suit. Yet again this presents an opportunity to the companies to

manufacture generic drugs.

The capital requirements to start operations in India are very low.

The barriers of entry are low as well (Taylor, 2014).

The government provides tax benefits for companies investing in the Indian industry.

Changing patent laws.

Reduction of custom duties.

India has a huge untapped market for drugs.

Huge and diverse population makes India an ideal location for conducting clinical trials

and R&D experiments (Shetty, 2015).

Threats facing the industry:

In the year 2014, nineteen warning letters were issued by the USFDA, of which eight were

issued to Indian pharma companies according to a survey by Ernst and Young (Business

line, 2015).

Not all firms have USFDA approvable facilities (Harding, 2010).

Shortage of funds, staff and mounting work pressure on the existing staff leading to false

and inaccurate documentation and manufacturing practices (Business line, 2015).

Expanding interest of the pharma companies towards other low-cost emerging markets

such as Mexico, Brazil, Chile, Romania, South Africa, Singapore, South Korea and

Australia (Harding, 2010).

Increasing competition from China, which is able to manufacture intermediates and bulk

drugs at a much cheaper rate and a lot faster too. The dumping of Chinese drugs in the

Indian market has led to the closure of some Indian businesses as well.

Lax policies and lack of sufficient regulatory procedures to look into the irregularities of

the pharmaceutical industry (Lalitha, 2002).

The weaknesses, threats and other challenges of the Indian pharma industry are certainly

outweighed by its strengths and opportunities. For these very reasons the global pharma majors

can’t ignore the unique opportunities India bestows upon those who would want to invest in it


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(Shetty, 2015). It is estimated that these international players will eventually capture 60% of the

Indian pharma industry in the near future and these M&A’s will infuse cash and inject innovation

into the industry (Business line, 2016), i.e., will only enable the Indian firms to invest more in their

R&D programs, to move up the value chain and diversify their product portfolio (Greene, 2007).

Why is it so crucial for the Indian pharma industry to attract foreign investments?

We have already seen that most of the Indian firms are strapped for cash and hence aren’t able to

move up the ladder of innovation or stick to the GMP guidelines laid down by the USFDA. It isn’t

just a random observation that investments into manufacturing facilities and innovation projects

are highly correlated to the export performance of a firm. It has been validated by a study

conducted by Rentala and Anand in 2014 on 142 Indian pharma companies using the OLS and

Quantile Regression methods. The analysis revealed positive correlation between- efforts/

investments put into R&D projects, age of the firm, monetary compensation given to employees,

fixed assets of the firm, import of capital goods/ raw materials and exports of the firm. Higher the

efforts, larger the investment into innovation programs and GMP higher the value/ volume of

exports (Rentala & Anand, 2014).

Impact of competition on R&D in the Indian pharma industry:

Let us try and understand the impact of competition within the industry on the R&D expenditure

of a firm.

A study has found that there is an Inverted-U relationship between amount of investment/intensity

of R&D efforts and market concentration in the Indian pharma industry. Essentially this means

that pharma companies try to spend a lot on R&D even when their market share is low, which in

turn reflects the magnitude of competition in the industry. As the market share and profit margins

of a firm go up, so does its spending on R&D. This has led to the Indian firms clamor for

collaboration and alliances in the field of R&D, primarily to decrease their cost of innovation and

lower their risk associated with the development of new drugs (Das & Das, 2015).

Mode of entry into the Indian pharma industry:

Having understood the various facets of the industry and the various forces at play, let’s examine

the best ways to enter it.


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The Government of India allows 100% Foreign Direct Investment in greenfield pharmaceuticals

(a greenfield investment is one when a MNC invests in another country to start a new

manufacturing facility) and 74% FDI through the brownfield mode of investment (a type of

investment where a MNC purchases existing plant or facilities to start operations in a foreign

country). Considering the present market circumstances (stringent requirements of the USFDA,

market dynamics in the US and India and the needs of Indian companies) it is advisable that US

firms enter the Indian market through the brownfield mode of investment. In fact, over 96% of the

FDI in the pharma sector flowed in through brownfield investments (Indiatimes, 2016).

That was the macro-economic picture of the mode of entry. Now, let’s look at the micro-economic

picture to examine the various models of business that a US firm can choose from depending on

its requirements.

Figure 1: The various business models that global pharma players can consider before entering

the Indian market.

Various companies from the US have already entered the Indian industry using one of the models,

depending on their needs (Shetty, 2015).

a) Outsourcing: Perhaps this is one of the oldest business models now and is quite safe and

risk free. Also, doesn’t entail a lot of investment. A lot of US companies have tried this

model before and continue to do so.

Ex: GVK Bio takes up contract research for US and European firms.

Business

Models

outsourcing


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b) Licensing agreements: In this model, the firm that innovates the drug issues licenses to

firms in other countries either to manufacture or market them. This way the costs of

manufacturing and commercializing/marketing the drugs aren’t borne by the innovator

firm any longer, but they continue to yield profits through retained ownership and royalty

on licensing agreements.

c) Franchising: This mode of entry is more common in the retailing format of the pharma

industry. Government of India allows companies to start their own retail pharmacy stores

and franchise them to interested parties or partner with existing retail players.

Ex: Medicine Shoppe International, a US based firm, has already entered the retail industry

with numerous stores all over urban India. Fortis Healthcare too has made its entry into the

Indian market with about 1000 stores by 2012.

d) Joint Ventures: A more common option for firms looking to partner with local businesses

to gain advantage of their experience and knowledge of the local business environment.

Ex: India based CPL Biologicals will develop drugs for Cadila Pharmaceuticals and

Novavax using their proprietary formulae and technology.

e) Partially or Wholly owned subsidiaries: Pfizer has a stake of 72% in its India subsidiary

and Novartis fully owns two subsidiaries in India, which go by the names- Novartis

Consumer Health Private limited and Sandoz India Private Limited.

The advantage of a wholly owned subsidiary is that there’s very little risk of losing critical

information about technology and operation processes and they often get some tax

advantages well (Shetty, 2015).

Strategies to capture the Indian pharmaceutical market:

No merger or acquisition can be successful or complete without the knowledge of capturing the

domestic market. India’s domestic consumption of medicines is rising with changing

demographics and lifestyles and this translates into a huge market/ opportunity for American firms

looking to expand into India. More often than not the MNC’s might not have to look much beyond

the Indian market frontiers for their sales and revenues in the future (Shetty, 2015).

An article by McKinsey had analyzed the Brazilian pharma industry and had formulated various

strategies to capture the same. In ways more than one, India and Brazil share a lot of similarities.

Their economies are at a similar juncture and they face similar challenges and opportunities in


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growth. The industries in both the economies are currently following a similar growth trajectory

and that is the reason why the strategies formulated to capture the Brazilian pharma market are

applicable to the Indian scenario as well.

In order to capture the market and devise strategies accordingly, one needs to classify and view

the pharma market as being made of three different sub-entities- Retail pharma market,

Institutional Public market and Institutional Private market. Let us now analyze the key drivers of

each segment and the strategies to capture them (Afonso, Dreszer, Francis, & Ramos, 2015).

Figure 2: Illustration of the three classifications or sub-entities in the pharmaceutical market

A. Retail Market:

Key Drivers of this segment- The average disposable income per person is rising, the

population is growing, trade discounts and penetration of generics.

Strategies to capture this segment- Establish relationship/ partnership with local

companies, suppliers, distributors, wholesalers and retailers, ensure supply of low cost

drugs as India is a cost conscious and cost sensitive market, reach out to consumers in mid-

sized cities (as this is where most of the growth would be in the future), also this would

require the MNC’s to create new capabilities and supply chain maps to penetrate the market

better, identify segments of population that would most probably use medicines and target

them accordingly and develop ‘customer centric supply chains’ by going beyond the sales

of medicines by tracking and monitoring the health of their consumers, develop awareness

programs about diseases & how to manage them better and supply of health monitoring

Pharmaceutical Market

Retail MarketInstitutional

Public MarketInsitutional

Private Market


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devices- these strategies would not only help increase sales but also give a fillip to the

image of the pharma company (Afonso et al., 2015).

B. Institutional Public Market:

Key drivers of this segment- GDP growth and increased government spending on health as

a percentage of GDP (Worldbank, 2015). The federal government has asked the states to

increase their funding on health (Kalra, 2015). Proactive policies to attract more FDI into

this sector, relaxation of licensing policies and quicker approvals to start the manufacturing

operations. Also, the new patent laws are attracting more foreign investment (Invest India,

2012).

Strategies to capture this segment- the MNC’s need to understand how public hospitals

work and how the doctors there prescribe medicines to their patients, develop resources

and capabilities to strike a relation with these institutions/ doctors for a more direct

approach to reduce barriers/ middlemen, this will lead to increased prescriptions and sales,

it is better not to deal with middle men working for the public hospitals or local/federal

governments (Afonso et al., 2015).

C. Institutional Private Market:

Key drivers of this segment- increasing expenses on hospitalization and therapies.

Strategies to capture this segment- MNC’s should invest time and resources to better the

individual consumer, private hospitals and also the health insurance providers. Should

understand the needs and behavior of consumers and also what drives the doctors to

prescribe certain drugs. The focus of the MNC should be towards understanding and

dealing with clinical operations and nursing departments in private hospitals and pharmacy

stores as well. Dealing with health insurance providers would give the firms a competitive

edge, enabling them to penetrate the market better (Afonso et al., 2015).

Major acquisitions in the Indian Pharma sector:

The story of M&A’s with Indian companies is not a new one. In fact, it has been happening at a

very fast rate over the last four years. Here’s the list of some of the most famous acquisitions in

the Indian industry-


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1. Mylan Labs of US had bought 71.5% equity in Matrix Labs of India

2. A German health care group had acquired 73.3% stake in Dabur Pharma

3. Ranbaxy was bought by Japan based Daiichi Sankyo

4. French Pharma company- Sanofi Pasteur had bought Shanta Biotechnics (Sharma, 2010).

5. Chinese firm Fosun had recently acquired 86% stake in Gland Pharma (Economic times,

2016).

But, not all acquisitions have a happy ending, resulting in profits. Some acquisitions in the Indian

pharma industry had to be terminated half way through for a plenty of reasons. Let’s look at two

such stories to see what went wrong with the acquisition, how to avert those mistakes while

acquiring an Indian firm and other critical lessons to be learnt from their experiences, as Otto von

Bismarck once said “the wise man learns from the mistakes of others”.

I) Daiichi Sankyo sells Ranbaxy:

The story of Daiichi Sankyo’s acquisition of Ranbaxy is one of a failure. When the Japanese firm

bought Ranbaxy five years ago, it expected the acquisition to fetch them billions of dollars in

return, but instead it cost them billions. The reason behind this is the USFDA decision of blocking

Ranbaxy’s products. The reasons behind the ban were shocking to say the least- the drugs were

adulterated, their labs lacked some critical amenities, dysfunctional doors and windows,

unhygienic conditions in the lab, small shards of glass inside pills. The workers in Ranbaxy’s

plants had no training whatsoever and were instructed to keep the production running with

continuous cuts in funding, over dependence on temporary workers, lack of inspections and false/

inaccurate test results (McLain, 2014).

Daiichi Sankyo found that the various departments in Ranbaxy were functioning in ‘silos’ and as

a result there was no flow of information or communication between departments and lack of

documentation of the processes in the company. Though the Japanese firm had tried to bring about

some transformation in the culture of the organization, they had to sell the organization, as every

passing day with Ranbaxy only meant mounting losses for Daiichi Sankyo. To curtail their losses

further, Daiichi Sankyo sells Ranbaxy to Sun Pharmaceuticals, the largest manufacturer of drugs

and vaccines in India (Mitra, 2013).


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But, even Sun Pharma isn’t immune from the warning letters of USFDA. Sterility in their

manufacturing plants was a thing of concern for FDA officials. Today, Sun Pharma is actively

seeking large foreign investments in the fields of employee training, process automation, quality

control mechanisms and clinical trials (Kazmin, 2015).

II) Germany’s Fresenius Kabi gets FDA warning:

The German company had acquired 73% stake in India’s Dabur Pharma way back in 2008

(Economic times, 2008). They had to recall their cancer treatment drugs being shipped to the US

after discovering cross-contamination of drugs. This led to the firm losing some share in the

market, which analysts say will take time to recover and had a moderate impact on their finances

and share prices. Perhaps the biggest impact was that they halt their production, although it was

just temporary (Singh, 2010).

The problem was that the quality control staff and other management officials had manipulated

and hid QC data which led to a series of problems for the firm (Stanton, 2014).

Lessons to be learnt from these debacles:

Daiichi Sankyo’s former head of pharma research, Hidemi Minami has some excellent advice-

there should be seamless flow of information between the manufacturing, R&D and marketing

departments and must have mutual consensus throughout the process including the product launch.

The various jobs in the organization need to be stitched together for a product profile that’s ideal

for the market. There should be ample emphasis on teamwork and transparency at the workplace.

Formation of cross-functional teams to enable flexibility in the organization. There should be

synergy and consensus between the top management and employees of the organization. Indian

companies usually have the ‘top-down’ approach in management and MNC’s expanding into India

should strike a balance between the top-down and consensus approaches (Mitra, 2013).

For a problem like the once faced by the German firm Fresenius Kabi, MNC’s could adopt the

following strategies to avert those problems- there should be a third party audit of the firm to be

acquired and should seek a detailed report of the operating and manufacturing practices of the firm,

check if the firm already adheres to GMP’s, assess the management structure and organizational

culture and check if they are compatible; random and regular third party inspections of the

manufacturing site after the acquisition and have the reports sent to the headquarters, have a single,


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cohesive work culture throughout the organization to ensure uniform implementation of best

practices and to stick to USFDA regulations; have regular training programs for employees on

GMP’s; more importantly, be prepared for eventualities such as the one faced by the German firm

and have a Business Continuity Plan, so that there is swift damage control to avoid huge

disruptions to the business operations; Data Integrity Assessments should be carried out in regular

intervals to inspect the level of compliance with USFDA and GMP’s (Business line, 2015).

India’s pharma supply chain and how to re-design it:

The pharma supply chain in India is highly fragmented and so is the distribution network, leading

to heavy dependence on retailers in the chain. The retailers are having to stock more inventory

than required (Supplychainbrain, 2013). The role of third party logistics providers is growing in

India. Though there are international logistics providers like UPS and FedEx in India, their

presence is limited only to large Indian cities. MNC’s have to depend on local logistics providers,

who have good idea of the market landscape and also provide comprehensive services (Ups, 2003).

According to Price Waterhouse Coopers, 45-55% of the costs in the supply chain stem from

logistics alone (Shetty, 2015). Though the adoption of latest technology was painstakingly slow in

the supply chain, of late, the integration of supply chain management software is picking up

quickly. MNC’s can meet the challenges posed by the Indian supply chain provided they keep in

mind that IT can be the prime enabler of the supply chain (Supplychainbrain, 2013).


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Figure 3: Indian Pharmaceutical Supply Chain (Image Source:

http://www.biopharminternational.com/pharmaceutical-distribution-india )

Re-designing the supply chain:

i) Designing rapid distribution channels- to meet market demands on time, to reach it

with maximum efficiency and to keep the distribution costs low, MNC’s need to design

distribution networks that are speedy and agile.

ii) The supply chain should be capable of handling large consignments and be able to ship

them to international destinations precisely.

API & Raw materials supplier

Manufacturer

Carrying & Forwarding Agents

Distribution centre

Super stockists

Stockists Sub-stockists Hospitals

Pharmacy Retail store

consumer

http://www.biopharminternational.com/pharmaceutical-distribution-india


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iii) The firm should have control on the supply chain activities and should strive to improve

transparency in the supply chain (end-to-end visibility) (Ups, 2003).

iv) To introduce and implement the concept of ‘product pedigrees’ in the supply chain to

make sure the pharma products are safe and viable by the time they reach the

consumers. Pedigrees enable the companies to track the products anywhere in the

supply chain, thereby promoting integrity of the supply chain. This will also ensure that

counterfeit drugs do not enter the supply chain at any stage. An e-pedigree provides

information about the drug electronically. Data about the origin of the drug, date of

manufacture, expiry date, trade information of the drug all along the supply chain and

the names and addresses of all the players involved in the supply chain, is revealed. it

has been made mandatory by the USFDA (HIDA, 2013).

v) The onus is on the manufacturer to ensure communication and collaboration between

all the players in the supply chain. This would decrease the possibility of stock-outs.

vi) Forecasting and planning should become a part of the supply chain activities to

overcome the bull-whip effect.

vii) Data and feedback should be collected from all points in the supply chain in real time

(Handfield, 2005).

Conclusion:

The US firms wanting to expand into India should learn to play in a market that is not only

fragmented but also dominated by a lot of small scale businesses that are unregulated. Also, they

should learn to operate in a market where there is price ceiling imposed by the government.

Despite all the challenges in the Indian pharma industry or the market, the opportunities are too

good to resist. With many tax benefits, reduction of customs duties, improving infrastructure,

strong support of the government and more importantly changing patent laws, the scenario of the

industry seems to be brimming with positivity. All future estimates of the industry point at high

growth rates and industry leaders have termed it as the future leader of the global pharma industry.

There are plenty of options and companies to choose from. There are various modes of entry into

the industry. The growing consumption and demand for medicines in the Indian domestic market

promises a huge potential for MNC’s. The English speaking, technically skilled and low-cost

workforce make India a particularly attractive destination.


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There are a lot of Indian companies facing fund crunch, stuck in huge debts, looking for expansion

and modernization of their facilities and seeking to invest further in their R&D projects.

Irrespective of their market size, almost all of them are seeking foreign investments in some form

or the other. This in itself presents an attractive opportunity for the US pharma majors to either

acquire them or strike some form of alliance with them. Many global pharma majors have realized

the potential and have staked their claim of the Indian pharma pie. All in all, the future of the

Indian pharma industry seems very optimistic and investment with caution would reap huge

benefits.


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