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India's Contract Manufacturing Market Expands
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Overview
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The Indian Contract Manufacturing Organization (CMO) sector is set to grow from USD 19.63 billion in 2023 to USD 38.92 billion by 2028, with a CAGR of 14.67%. The growth is driven by increasing profitability in injectable formulations, particularly in pharmaceutical and vaccine sectors, and government initiatives like SPI and PLI. However, challenges like regulatory environments and reduced approval rates may hinder market growth.
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How do the government initiatives like SPI and PLI influence the competitiveness of the Indian Contract Manufacturing Organization (CMO) sector?
How might the growth of the Indian Contract Manufacturing Organization (CMO) sector impact the global pharmaceutical and vaccine industries?
What strategies could major players adopt to overcome the challenges posed by strict regulatory environments and reduced approval rates?
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