Indian CRDMOs Gain Momentum as Global Pharma Diversifies Manufacturing Operations
核心洞察
Indian Contract Research and Development and Manufacturing Organizations (CRDMOs) are attracting increased attention from global pharmaceutical companies as Big Pharma pursues geographic diversification strategies.
Rising demand for antibody-drug conjugate (ADC)-related CDMO services and future opportunities in GLP-1 (搜索) diabetes (搜索) and obesity (搜索) treatments are positioned as significant growth drivers from 2026.
Key players including Piramal Pharma, Syngene, Laurus Labs, Cohance (搜索), and Gland Pharma are strategically positioning for future gains despite current destocking challenges affecting near-term growth.
Indian Contract Research and Development and Manufacturing Organizations (CRDMOs) are experiencing growing interest from global pharmaceutical companies as the industry undergoes a strategic shift toward geographic diversification, according to a recent analysis by Jefferies (搜索). This trend positions Indian companies with expertise in small molecule development favorably to capitalize on the expanding global market opportunities.
Strategic Positioning in Global Supply Chain
The report emphasized that Big Pharma companies are increasingly diversifying their manufacturing and research operations geographically, creating new opportunities for Indian CRDMOs. Many of the ongoing projects are still in clinical stages, suggesting that growth patterns may be uneven in the near term.
Rising demand for antibody-drug conjugate (ADC)-related CDMO services presents new prospects for Indian companies, with many exploring opportunities in this specialized space. Additionally, GLP-1 (搜索), a class of diabetes (搜索) and obesity (搜索) drugs, is positioned to become an important growth driver for generic CMOs from 2026.
Company-Specific Growth Strategies
Piramal Pharma and Syngene Navigate Recovery
Piramal Pharma is targeting 13-15 percent CAGR in sales over the next 4-5 years in its India consumer health and complex hospital generics businesses. While the company expects subdued sales from its largest CDMO product in FY26 due to destocking, overall segment revenue is likely to remain flat due to better utilization at overseas facilities, with recovery expected in FY27.
Syngene's growth in FY26 is expected to be in the mid-single digits, mainly due to destocking of Librela (搜索), its largest product. The company expects growth to pick up to low double digits thereafter. Under new management led by Peter Bains, Syngene is focusing on growth and acquiring US biologics capacities, though the overseas unit will have lower margins and may take time to break even.
Laurus Labs Expands Therapeutic Focus
Laurus is currently handling seven active projects from global pharma clients, which account for 50-60 percent of its new projects in the past two years. About 70-80 percent of the company's CDMO division sales come from commercial molecules, with many ongoing projects involving breakthrough therapies that typically have lower failure rates.
The company has invested Rs 4 billion in animal health and Rs 1.5 billion in AgChem, with another Rs 1 billion planned for animal health. Laurus aims to achieve peak sales of 1.5 times the capex from these investments by FY28-29.
Cohance and Gland Pharma Position for Growth
Cohance (搜索) is recovering from the impact of destocking that affected its AgChem and SpecChem business over the past 18 months. The company is planning to launch a new product in the third quarter of FY26 and bring in new customers in the division.
Gland Pharma is significantly expanding its GLP-1 (搜索) cartridge fill-finish capacity from 40 million to 140 million units by the end of next year. The company's new bulk line will be flexible for use across both GLP-1 and insulin products, positioning it to capitalize on the growing diabetes (搜索) and obesity (搜索) treatment market.
Industry Outlook
Despite current destocking issues affecting near-term growth across several companies, the overall industry outlook remains optimistic. The report outlined that while near-term growth may be uneven due to destocking challenges, most companies expect a strong rebound and sustained long-term momentum as global pharmaceutical companies continue their geographic diversification strategies.