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The Indian pharmaceutical industry, which is now meeting over 95% of the country's pharmaceutical needs, was almost non-existent before 1970. With the compound annual growth of 19.8% the industry has grown from Rs.4 billion in 1970 to Rs.290 billion in 2003. The pharma sector has shown tremendous growth over the years. About 250 Indian pharmaceutical companies hold 70% of the market share with top players controlling about 7% of the market share.
On 1st January 2005, the Government of India issued patent ordinance according to which the Indian pharma companies can no longer produce patented drugs.
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