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APIs to innovation: Bulk drug makers ramp up CDMO bets
December 01, 2025
|Mint New Delhi
Once focused on low-margin active pharmaceutical ingredients (APIs), India’s bulk drug manufacturers are raising their ambitions, with several now investing heavily in research and development to win contract development and manufacturing work from global drugmakers.
Some Indian bulk drug manufacturers have already won early business with global innovators.
(BLOOMBERG)
Once focused on low-margin active pharmaceutical ingredients (APIs), India’s bulk drug manufacturers are raising their ambitions, with several now investing heavily in research and development to win contract development and manufacturing work from global drugmakers.
The shift reflects ambition and timing. While APIs remain a mainstay, firms are building capabilities in niche molecules, drug discovery, development and scaled manufacturing, with global firms looking to derisk supply chains away from China. JM Financial analysis says China accounts for about 13% of the global contract research, development and manufacturing organization (CRDMO) market. Some have won early business with global innovators, but analysts say most lack scale and track record to compete globally.
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