In the two decades since economic liberalisation began in India, one Indian dream remains largely unfulfilled — to have an Indian company with a global, innovation-driven brand. Essentially, an Apple, a Google or a Facebook from India. Though several commentators have pointed out that there is plenty of innovation that goes into India’s leading companies, and that we don’t “need” an Apple or Google from India, the thirst remains. Pharma and software/IT always seemed to be the most likely industries from where an innovation-driven Indian global leader would emerge. The pharma industry was the first to embrace innovation, with pioneers like Ranbaxy and Dr Reddy’s Laboratories (DRL) investing in the challenging task of creating new chemical entities almost 20 years ago. But the dream of joining the exclusive club of companies producing blockbuster drugs has proved elusive so far. Among the pioneers, the Indian owners of Ranbaxy sold out to a Japanese company and DRL has scaled back its new drug development programme. Today, Glenmark and Biocon still hope to succeed on this front, but it looks far from easy.
|Publisher||Outlook Publishing (India) Pvt. Ltd|