A new report from the Boston Consulting Group has indicated that India could be set to become a world-class innovation hub for clinical research.
However, the country was encouraged to do more to motivate investment and activity in areas such as biometrics, applied research and translational research.
It could already have a strong base to start from, as drug manufacturer Reckitt Benckiser recently announced that India is set to become its biggest market within five years.
Kim Wagner, a BCG senior partner and co-author of the report, claimed that there will be some difficulties, as many traditional business models do not easily translate to markets such as India's.
"But while research and development investments in emerging markets can go hand in hand with the commercial opportunity, the prospects to drive innovation will depend on the particular advantages of each market," the expert commented, acknowledging that there are several challenges to the country realising its full potential.