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September 15, 2008 11:56 IST
Indian contract manufacturing market is expected to touch $2.46 billion by 2010 with a CAGR of 41.7 per cent from $869 million in 2007, a report said.
"Indian companies, through their high quality-low cost production models, have bagged some impressive deals in the contract manufacturing space. These deals validate India's potential to achieve a larger share of the global manufacturing outsourcing market," consulting firm KPMG said in its latest pharma report.
Winning outsourcing deals signify Indian companies have been able to win the trust and confidence of multinational companies, it said.
Indian companies Nicholas Piramal [Get Quote], Cadila, Shasun, Dishman [Get Quote], Jubilant, Matrix, Strides, Ipca and Divi's are into contract manufacturing business.
In the future, Indian players would move up the value-chain in the contract business, KPMG said.
At present Indian companies are involved in the manufacture of active pharmaceutical ingredients and intermediates, solid and liquid dosage forms and simple vaccines.
But it would start making complex medicines such as injectables and biologics, KPMG said.
Indian companies have strengthened their presence in the market by acquiring better technologies and developing expertise in niche segments that offer higher margins and have higher entry barriers, KPMG said.
They have grown inorganically, too, by acquiring units in globally. This has led them closer to their global clients.
These acquisitions have boosted Indian companies capabilities in terms of newer technologies, expanded service portfolios, global manufacturing research sites with international regulatory approvals and a ready client network, it said.
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