Entrepreneurs, Multinational Enterprises and Policy
Edited by Maureen McKelvey and Sharmistha Bagchi-Sen
Chapter 10: Evolving global innovation networks of Indian pharmaceutical companies
This chapter addresses how Indian pharmaceutical companies are expanding their innovation spaces. India has become a leading source of emerging-market outward foreign direct investment (OFDI) (Athreye and Kapur 2009; UNCTAD 2013). However, unlike many other emerging nations, Indian OFDI targets advanced economies and knowledge-intensive industries (Kumar 2008; Pradhan 2008). One of India’s most active outwardly investing industries is the pharmaceutical sector. From 1961 to 2007, the pharmaceutical industry accounted for 14 percent of all Indian OFDI, 94 percent of which occurred between 2000 and 2007. Similarly, Indian pharmaceutical companies completed 87 foreign acquisitions from 2000 to 2007, representing 31 percent of all Indian foreign acquisitions (Pradhan 2007). The Indian pharmaceutical industry is now a major international contender of worldwide generic drug production, advanced pharmaceutical ingredient (API) development, and contract manufacturing. India is the world’s third largest pharmaceutical producer by volume, accounting for 10 percent of global production (Department of Pharmaceuticals 2012).
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