manufacturing jobs declined by 0.8% annually ing manufacturing industries in India. With over before recovering, but still remained below over-10,000 manufacturing frms, India's pharmaceu- all employment growth (Mohanan 2024; GoI facturing value added, 5.5% of total exports, and 2024). Consequently, industry's share in total 11% in 2022-23, indicating the insufficiency of In the early days after independence, India de- invested little in local production. State enterpris- es, such as Hindustan Antibiotics (1954) and Indi- an Drugs and Pharmaceuticals Ltd. (1961), began to build technical capacity. The Indian Patents generics. Liberalization in the 1990s, combined with the U.S. Hatch-Waxman Act (1984), inte- Pharmaceutical industry: India's pharmaceuticalmarket. Indian firms leveraged process innova- tion, cost effciency, and skilled human capital to 14th by value (1.5%)—-is one of the most promis- achieve scale. By the early 2000s, India met 85%