According to a new report by CPhI, India will shortly be the World's second largest producer of drugs, but perhaps more significantly, will become the 8th largest pharma market by value-up from its current position of number 12.

The report entitled: 'CPhI India Pharmaceuticals 2015 - Industry explorations' was prepared by CPhI in partnership with Global Business Reports (GBR).

After relatively moderate growth in 2013, Indian pharma companies are extremely confident about the growth potential in both the near and medium terms. Outsourcing and exports are already pushing ahead at remarkable rates, with most companies reporting double digit pace growth.

The report further states that two-thirds of India's pharma industry is still coming from the SME sector and with these companies increasingly expanding into international markets, the next few years promise to see a more mature and globally dominant Indian pharma industry.

Biologics and biosimilars to represent 15 percent of Indian market value by 2020.

In the near future, the most significant growth opportunities will come from generics. Within the coming years, there is a large volume of drugs coming off patent, including $90 billion in 2015 alone.

The growth of generics, particularly across finished dosage forms, will continue to drive growth rates across India. Manufacturing of generics continues to be based in India and the report predicts this will expand rapidly.

Biocon has really taken the lead for pharma India with its growth and development into an established biotech - it's currently the largest in Asia - having launched a number of monoclonal antibodies (e.g. ALZUMAb and BIOMAb EGFR), the world's first biosimilar (Trastuzumab) and is now the world's fourth biggest supplier of insulin through its INSUGEN brand.

All companies from the report's research praised the new Government of India's efforts for actively supporting the pharma industry.