Indian drug firms eye a larger share of the $145 billion US oncology market, which is growing at an 11 per cent compound annual growth rate (CAGR).
In the last few months, several Indian drug firms have received US Food and Drug Administration (USFDA) approvals for oncology generics, marking a steady rise in complex generic and biosimilar drug entries into the US market.
The US oncology market was valued at $145.52 billion in 2024 and is projected to hit around $416.93 billion by 2034, growing at a CAGR of 11.1 per cent over the forecast period 2025 to 2034.
Experts believe the approvals — including those for Cipla, Biocon Biologics, and Zydus Lifesciences — highlight the growing capabilities of Indian companies in the complex realm of cancer treatment and their increasing footprint in the lucrative US market. This signals a continuation of India’s strategic shift from commoditised generics to specialty therapies like oncology.
Indian firms have been focusing on complex generics for some time now, which insulates them partially from pricing pressures in the generics space in the US. “The post-pandemic FDA process has normalised, and Indian firms are focusing on complex molecules like oncology drugs because the basic generics space has reached saturation,” said Kinjal Shah, senior vice-president and co-group head at ICRA.