Indian Pharma’s Three Deficits—and Three Potential Dividends

Indian pharma has already done the hard thing once.

It mastered chemistry, manufacturing scale, and generics—becoming indispensable to global healthcare. India supplies close to 40% of US generic demand, produces roughly 60% of the world’s vaccines, and Indian companies supplied 47% of US generic prescriptions in 2022, generating an estimated US$219 billion in healthcare savings that year.

But that success now creates a different challenge.