Indian drug firms look overseas for growth

 Under threat from multinationals in the local market with patent laws set to change in January 2005, Indian pharmaceutical companies are aggressively growing their business abroad, especially in the US and Europe.

 As per McKinsey, the overseas push will help the Indian pharmaceutical industry to grow from $6 billion now to $25 billion by 2010.

 India's leading pharmaceutical companies, Ranbaxy Laboratories Ltd and Dr Reddy's Laboratories (DRL), already derive a majority of their turnover from abroad -- 72 per cent and 64 per cent, respectively.

 Earlier last week, Wockhardt announced the acquisition of UK-based CP Pharmaceuticals for