Sun Pharma’s recent, nearly $12 billion acquisition of Organon marked an aggressive bid by India’s largest drugmaker to vault itself into the ranks of the world’s top 25 pharmaceutical firms. If completed in early 2027 as anticipated, the deal could generate a combined revenue of $12.5 billion and help solidify the company’s presence in 150 countries.
The acquisition reflects growing global ambitions of India’s pharma industry to evolve from its roots in the generics market. But is the country poised for a China-esque pivot toward becoming a powerhouse of innovation?
Probably not anytime soon, according to Subin Baral, global life sciences deals leader at EY-Parthenon. India is “a long time away from actually competing as a serious innovation hub for biopharma,” he said.
Gaps in infrastructure and capital are among the biggest barriers on the path forward.
India’s rise
