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In the financial year 2023 in India, *** had the highest amount of spending on R&D with over *** million U.S. dollars. By contrast, the lowest was by Wockhardt with ** million U.S. dollars. 

Pharma R&D in India

On an average, Indian pharmaceutical companies spend less than ** percent of their annual turnover on R&D. While in fiscal year 2020, the highest expenditure on R&D was made by Lupin, Sun pharmaceuticals made promising strides towards its development plan and investments in the R&D sector and is set forth to bring focus on a variety of complex products including active pharmaceutical ingredients (APIs) along with investments in speciality pipeline.

Market outlook 

The pharmaceutical industry in India is expected to grow by *** percent between 2017 and 2060, leading the global pharmaceutical market, followed by Indonesia. Currently, over ** percent of the world’s demand for vaccines, ** percent of demand for generic drugs in the United States and one-fourth of all medicine demand in the United Kingdom is supplied by the Indian pharmaceutical industry. With a robust presence in the generics segment, the thriving Indian pharmaceutical export market was valued at ** billion U.S. dollars in fiscal year 2020. Other major accomplishments can be attributed to successful joint ventures within the industry and upscaling and expansion by Indian players abroad.