While it is notable that biopharma companies eased up on their research and development (R&D) spending in FY 2022-23 after the world was hit by COVID-19induced economic slowdown, the budget for R&D has witnessed a steady increase. Departing a bit from their traditional drug portfolios, companies are increasingly focusing on R&D in next-generation therapies to drive innovation, particularly in complex generics, biosimilars, cell and gene therapies and novel drug delivery systems.
Indian pharmaceutical companies tend to allocate 5-10 per cent of their total revenue for R&D, a trend that aligns with other leading Asian companies, which also invest a similar percentage in R&D. The total R&D expenditure of the Top 10 listed pharma companies by market capitalisation, as per Global Data based on their Annual Reports for FY 2023-24 touch Rs 137.1 billion for 2023-24 with an average expenditure of Rs 13.71 billion with an average percentage of 5.9 per cent.
This story is from the BioSpectrum India Jan 2025 edition of Bio Spectrum.
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This story is from the BioSpectrum India Jan 2025 edition of Bio Spectrum.
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