Background :
The Indian Economy continued to enjoy steady growth at a time when the other economies were in a state of massive slowdown. Radical reforms such as privatization of public sector units and reduction of tariffs on imports is responsible for this growth. This prevailing mood of the Indian economy is reflected in the Indian Health Care Industry. Attracted by advantages such as lower costs of production and skilled workforce that India offers, multinational companies are looking to set up research and development and production centers here. The export of bulk drugs and formulations is set to increase at a compound annual growth rate at 20% and 10% respectively between 2002 and 2006. OTC Drugs are likely to be a major market driver for formulations during the forecast period.