The Indian economy is largely a service-based one. And the past few years has only seen that trend intensify. With one big exception: Pharmaceuticals.

India has the third largest pharmaceutical industry by volume and the 11th largest by value - as of 2020. And it is growing extremely fast. India is the world's largest provider of generic drugs. The United States relies on India for 40% of its generics.

In 2020, they exported $16 billion more of pharmaceuticals than they imported. These exports meet the strict standards and regulations of many countries around the world. India's pharmaceutical industry is legit.

The story of how this industry came about is an interesting one. In this video, we look at how the Indian pharmaceutical industry started out as mere copycats, but then evolved throughout the value chain to become a global leader.

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