The Indian pharmaceutical industry has progressed in leaps and bounds in recent years, and has become technologically strong, apart from being largely self-reliant. The industry is one of the world’s largest in terms of volume, and has witnessed significant foreign direct investment due to the relatively lower costs of manufacturing in India. The pharmaceutical industry has become much more organised than before, and has recorded substantial output and sales, despite improper legislations and presence of spurious drugs in the market. At the same time, the industry continues to face obstacles in the form of fragmentation and stiff price competition. Research and development (R&D;) activities directed towards discovering newer, more cost-effective drugs, has been an important focus area for the country’s pharmaceutical industry. Some other areas which have acquired significance lately include bio-pharmaceuticals and contract research. Hide this