
Summary:
According to McKinsey & Company, India is expected to account for 8-10% of worldwide work outsourced to Contract Research Development & Manufacturing Organisations (CRDMOs) by 2033. This expansion is being driven by a transfer of work from Europe and the United States to Asia, with India and Korea emerging as important players. Indian CRDMOs anticipate that geopolitical shifts in the CDMO industry will account for 20-40% of their new business.
Market projections suggest that the global CRDMO industry, which is currently valued at around US$ 224 billion, is predicted to grow to US$ 465 billion by 2032. Mr. Anirudh Roy Popli from McKinsey & Company noted that the biopharma sector is rapidly recognizing the benefits of Indian CRDMOs. He emphasized their capacity to innovate and create value, which is critical for the future of healthcare, while also pointing to increased demand from US clients.
Source: IBEF
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