India Becoming Locus of Pharma Outsourcing, RNCOS Predicts 34 percent Growth
Released on: October 27, 2008, 2:02 am
Press Release Author: Shushmul Maheshwari
Industry: Healthcare
Press Release Summary: India has all the elements to become the global pharma outsourcing hub - low cost advantage, skilled workforce and strong health infrastructure - says new research study.
Press Release Body: According to our research report, "Indian Healthcare - New Avenues for Growth", India, driven by factors such as low cost, availability of a large and skilled workforce and improving health infrastructure, is likely to emerge as the global hub for pharma outsourcing.
According to the report, India's pharma outsourcing market was worth around US$ 1.3 Billion in 2007, accounting for around 3% of the total healthcare market in India. The industry is expected to grow at a robust CAGR of 34% to 2012, with contract manufacturing and clinical trials accounting for a major share of this market. This huge potential market is attracting international CROs and CRMs to India to set their bases and gain a share in the market.
The research thoroughly investigates the factors which are drawing the global CROs and CRMs to India, and cites that low cost and time of research and manufacturing are India's biggest strengths. We believe that MNCs can have a substantial cost savings on plant set up, staff and running costs, if they set-up their R&D and manufacturing sites in India. In fact, a number of multinational pharma majors already present in India such as GlaxoSmithKline & Pfizer have started leveraging the country's comparative advantages in the areas of clinical trial and manufacturing.
With multiple advantages India offers, we expect that the country's pharma outsourcing market will increase several fold in coming years with western pharma/biotech companies likely to outsource a major pie of their research and manufacturing work to Indian companies.
"Indian Healthcare - New Avenues for Growth" contains unique market-based research and provides rich data and objective analysis on the booming Indian healthcare market. It presents comprehensive statistical and analytical overview on the healthcare market of the country, and provides past, present and future data on the entire structure, composition and working of the Indian healthcare market. The research extensively discusses the opportunities and challenges that are expected to arise within and from the healthcare market. It also provides future forecast on the market to give clients an incisive outlook of the market.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
For more information visit: http://www.rncos.com/Report/IM151.htm Current Industry News: http://www.rncos.com/Blog/
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