By Bobby George, Ph.D., VP and head of regulatory affairs, Reliance Life Sciences Pvt. Ltd. The Indian pharmaceutical sector is largely fueled by exports. It is the third-largest foreign exchange earner for India. However, recent trends have shown declining CAGR; non-adherence to quality standards and norms; increasing competition from other countries; overdependence on imports for key starting materials (KSMs), intermediates, and APIs; and lack of focus on R&D and drug discovery.