India may account for 8-10% of global work share to CDMOs by 2033: Report

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India could potentially account for 8-10 per cent of work share outsourced to CDMOs globally by 2033, an outcome of a significant amount of work shifting from EU and the US to Asia, a report by McKinsey & Company has said.

The global CRDMO (Contract Research Development & Manufacturing Organisation) industry is about to witness a re-distribution of outsourcing work across several Asian countries, with India and Korea emerging as new powerhouses by 2033, the report said.

According to a McKinsey analysis, by 2033, India could potentially account for 8-10 per cent share of work outsourced to CDMOs globally.

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Category: BusinessFinance

Markets: India

Topics: Offshoring Asia Healthcare Bio-pharmaceutical Management Consulting Services School Districts Head Economic globalization Information technology management United States Contract manufacturing organization Usd 465 Anirudh Roy Popli Outsourced Drug manufacturing European Union Prem Pavoor Roads Ventures Senior Partner Outsourcing Roy Popli

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-18 @ 14:57:13 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 365 words

Reading Time: 3 minutes read

Sentences: 10 lines

Sentence Length: 37 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23117588

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