A survey held among 179 executives of leading global pharma companies revealed that India would figure prominently in their business plans five years from now.

A leading global business consulting firm Bain & Company and Knowledge@Wharton conducted the survey, with help of the Organisation of Pharmaceutical Producers of India (OPPI).

With 45% of respondents from companies with headquarters in North America, the survey shows that global pharmaceutical executives believe India will figure prominently in their business plans five years from now. While 38% of respondents feel doing business in India is extremely important today, 62% expect it to be five years from now.

Eight out of ten respondents see India as an opportunity, or both as a threat and an opportunity, and they expect to see India become more of a potential market during the next five years. The survey also found that 35% of the respondents believe India is already an attractive market for products, while 58% maintain it will become one in the future. Also, six out of 10 respondents believe that Indian pharma firms will expand during the next five years, by taking on more risks, having greater product depth and developing substantially increased scale and vastly expanded expertise.

"Generics will continue to be a strong driving force for the Indian pharma industry, even as it brings them into direct competition with global players in the major markets of North America, Europe and Japan. The general trend toward price consciousness in the developed markets is one important factor in the rising prospects of India's pharmaceutical sector. Patients, physicians and healthcare payers are increasingly willing to consider generics as a lower-cost alternative to branded medicines. Equally important, big pharma companies recognize the need to look outside their traditional business models for new capabilities, even in areas that are strategic such as drug development and production," noted Ashish Singh, managing director of Bain & Company India Pvt. Ltd.

The study said as a market, India also holds appeal to global pharma companies, particularly as they confront slowing growth and pricing constraints in maturing markets of North America, Europe and Japan. The increasing visibility of companies like Ranbaxy has also raised awareness of Indian pharma companies.