Pharmaceutical Industry

The Pharmaceutical Industry develops, produces, and markets drugs licensed for use as medications. For this they have a well equipped R&D department. Pharmaceutical companies are allowed to deal in generic and/or brand medications and medical devices. They are subject to a variety of laws and regulations of the government regarding the patenting, testing, pricing and ensuring safety and efficacy and marketing of drugs. The Indian Pharmaceutical industry is the second-largest in the world by volume and is leading the manufacturing sector of India. The Indian bio-tech industry has achieved a growth rate of 17 percent and has gained revenues of Rs.137 billion ($3 billion) in the 2009-10. Bio-Pharmaceutical was the biggest contributor generating 60 percent of the industry's growth at Rs.8, 829 crore, followed by bio-services at Rs.2, 639 crore and bio-agriculture at Rs.1, 936 crore.