'Beneficial for the world'—Ankur Warikoo, Vijay Shekhar Sharma laud India's AI talent
India is developing a robust AI computing and semiconductor infrastructure to bolster its expanding digital economy. Initiatives such as the IndiaAI Mission and the establishment of the Centres of Excellence for AI are strengthening the country's AI ecosystem and paving the way for innovation and self-reliance in this critical sector, as per a PIB release in March. In 2024, the government has approved the IndiaAI Mission and allocated Rs 10,300 crore over five years to enhance the country's AI capabilities.
These efforts align with the vision of Viksit Bharat by 2047, where India aspires to become a global AI powerhouse, leveraging cutting-edge technology for economic growth, governance, and societal progress, the release stated.
Vijay Shekhar Sharma, CEO of digital payments platform Paytm, said that it is very clear to everyone that an internet revolution is taking place. 'Right now, we use it (AI) as an agent. I have started using it for so many things. After some days, we will be agents for AI, and not vice versa. The change will be profound,' he said.
India's digital economy, as per a press release by TiE Delhi-NCR, is growing at nearly double the rate of its GDP and is expected to account for 20% of the GDP by 2029.Industry experts also drew attention to some of the negative talk surrounding AI and its impact on jobs. Mohit Joshi, CEO of Havas Media Network India, stated that it is more about job recreation. 'There would be reskilling and upskilling; a person who used to actually create the content today needs to give inputs to create it,' he said.In fact, India's workforce is at the heart of its digital revolution. The country is adding one Global Capability Center (GCC) every week, reinforcing its status as a preferred destination for global R&D and technological development. Such efforts are contributing towards positioning the country as a global AI powerhouse.
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Government Cost-Cutting, Local Manufacturing, and Public Awareness Fuel Rapid Growth
The Saudi Arabia Generic Drugs Market is projected to expand from US$ 4.05 billion in 2024 to US$ 8.11 billion by 2033, registering a CAGR of 8.02%. This growth is driven by increased healthcare needs, government initiatives to reduce pharmaceutical spending, and rising awareness of affordable alternatives. Supportive regulatory policies by the Saudi Food and Drug Authority (SFDA) and investments in local manufacturing are further spurring market expansion. The market is also bolstered by growing demand due to the rising prevalence of chronic diseases and increased acceptance among consumers and healthcare professionals. Saudi Arabian Generic Drugs Market Dublin, Aug. 14, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Generic Drugs Market Outlook and Forecast 2025-2033" report has been added to Saudi Arabia Generic Drugs Market is anticipated to grow to US$ 8.11 billion by 2033 from US$ 4.05 billion in 2024, growing at a CAGR of 8.02% during 2025 to 2033. This growth is attributed to increased healthcare needs, government efforts to curb pharmaceutical expenditure, and mounting awareness for cost-effective alternatives. The market is also boosted by growing local manufacturing and government support for generics. In Saudi Arabia, the demand for generic medications is increasing at a very high pace. It is fueled by attempts by the government to lower reliance on imported branded medicines and in trying to slash healthcare spending. The Saudi Food and Drug Authority (SFDA) has made the process of generic approvals easier, prompting local and foreign manufacturers to increase their generic offerings. Additionally, public health awareness campaigns and a focus on preventive care have supported the acceptance of generic medicines among consumers and healthcare professionals. With a growing population and rising incidence of chronic diseases, the demand for cost-effective generic drugs is expected to expand further across the Drivers in the Saudi Arabia Generic Drugs Market Government Support and Cost Containment InitiativesThe Saudi government has focused on making healthcare more affordable through greater generic drug promotion to lower the country's healthcare expenditure. More rapid regulatory approval and increased local manufacturing capacity have been promoted through initiatives spearheaded by the Saudi Food and Drug Authority (SFDA). Cost-effective treatment is now more favored in national health policy, with generics more extensively used in public hospitals and among insurance companies. These initiatives have considerably fueled the country's generic drug market and brought in foreign pharmaceutical investment into the Kingdom of Saudi Arabia. The Saudi Food and Drug Authority ("SFDA") released a draft initiative, the "Procedure to deal with patents when registering generic products in SFDA". The Initiative has been made available on the Saudi Public Consultation Platform website for consultancy and the SFDA has invited the public and pharmaceutical firms in June Incidence of Chronic DiseasesWith increasing numbers of chronic diseases like diabetes, cardiovascular disease, and respiratory diseases, Saudi Arabia is in need of long-term affordable medication to a greater degree. Generic drugs are a viable solution to costly branded drugs for the management of chronic diseases. With the population growing older and living lifestyles that are inactive, the demand for efficient, cost-effective medication is encouraging patients and doctors to use generics, compelling steady growth in demand in the industry. April 2025, Among Middle Eastern countries, Saudi Arabia has one of the highest rates of chronic diseases (CDs) at 32.15%. This creates huge healthcare challenges to the population. The most common causes of morbidity are diabetes mellitus (DM), hypertension, and obesity. The rise in the incidence of these chronic diseases adversely impacts the quality of life of patients and increases total healthcare in Local Production CapabilitySaudi Arabia has made significant investments in developing pharmaceutical production facilities under Vision 2030 to increase local production and minimize import reliance. With new plants set up with partnerships and technology transfers, generic drug production is growing very fast. This local presence allows for quicker availability, reduced prices, and more control over quality. The domestic boom in production is making the Kingdom a competitive force in the regional generic pharma market. In January 2024, Saudi Arabia announced a national biotech plan to become a world-class biotech hub in 16 years. The program is part of a bigger effort known as Vision 2030, which aims to position the country as a biotech leader in the Middle East and North Africa by in the Saudi Arabia Generic Drugs Market Public Perception and Brand LoyaltyEven with cost advantages, most consumers in Saudi Arabia continue to view branded medications as having superior efficacy and reliability. Psychological and cultural factors explain reluctance to embrace generics. Physicians can also persist in prescribing branded medication because of existing relations with international pharmaceutical companies. Brand loyalty and wariness of generics can restrict market penetration and decelerate total growth of the generic drug and Quality Control ComplexityAlthough SFDA has facilitated accelerated approval procedures, regulatory requirements and documentation for generics are still strict. Bioequivalence, international GMP compliance, and inspection passage are demanding in terms of investment and expertise. Such compliance is challenging for smaller companies. In contrast, having uniform quality in production and preventing counterfeit threats contributes to operational pressure, particularly for new market Arabia Simple Generic Drugs MarketSimple generics are drugs with uncomplicated formulations and delivery systems that closely resemble the original branded version. Simple generics prevail in Saudi Arabia owing to the simplicity of manufacture and comparatively fewer regulatory complications. They are employed extensively for general ailments like pain relief, infections, and hypertension. Their low cost and availability in the public hospital network have promoted their use. Government controls on prices also guarantee availability, complementing overall healthcare cost containment objectives. The low-end generic drug segment is the point of entry for companies intending to acquire market footprint with low R&D Arabia Specialty Generic Drugs MarketSpecialty generics are high-end, complex drugs employed in particular, high-priced treatments like oncology, autoimmune diseases, and orphan diseases. In Saudi Arabia, this segment is expanding as chronic diseases increase and the government seeks to decrease dependence on costly imported biologics. Creating specialty generics needs sophisticated manufacturing capabilities and regulatory know-how. Domestic companies, usually with the aid of global players, are investing in the high-margin segment. While more expensive to develop, specialty generics present considerable savings over originator biologics, gaining the attention of insurance payers and government healthcare Arabia Oral Generic Drugs MarketOral dosage forms including tablets, capsules, and syrups are the most convenient and widely used method of drug delivery. Saudi Arabian oral generic drug market is strong because of its extensive use in diverse therapeutic categories, simplicity of administration, and patient compliance. Manufacturing infrastructure for oral formulation is well developed, and hence it is an economical option for producers as well as the consumer. With greater outpatient visits and prescriptions, oral generics continue to gain significant market share, particularly in primary care and the management of chronic Arabia Respiratory Generic Drugs MarketRespiratory illnesses like asthma and chronic obstructive pulmonary disease (COPD) are common in Saudi Arabia, in part because of environmental conditions like dust and cigarette smoking. Demand for cost-effective inhalers and respiratory medications has driven growth in the respiratory generics market. Firms are targeting metered-dose inhalers (MDIs), dry powder inhalers (DPIs), and nebulized generics. There are regulatory issues and delivery device complexities, but increasing public health consciousness and government reimbursement policies are assisting the widening access to these vital Arabia Oncology Generic Drugs MarketCosts of cancer therapy continue to be a heavy burden on patients as well as the healthcare system. The Saudi Arabian oncology generic drug market is growing as biosimilars and intricate generics come on the market at a lower cost. Government funding, insurance programs, and increased early diagnosis activities support demand. Though innovation in the area is still paramount, generics present a useful follow-up and maintenance option. Hospitals increasingly incorporate oncology generics to offer equal treatment regardless of income level, propelling market Arabia Online Generic Drugs MarketThe e-transformation in Saudi Arabia's healthcare industry has accelerated the growth of the online generic drug market. Digital platforms and e-pharmacies are facilitating easier price comparisons and prescription-based generics ordering for consumers. COVID-19 helped expedite this change, with the use of contactless and remote solutions gaining more prominence. With a young digitally educated population and increasing mobile internet penetration, the online generic drug segment is receiving robust traction, particularly in urban regions such as Riyadh and Jeddah. Key Players Analysis (Overviews, Key Persons, Recent Developments, SWOT Analysis, Revenue Analysis) Teva Pharmaceutical Industries Ltd. Viatris Inc. Sandoz Group AG Sun Pharmaceutical Industries Ltd. Cipla Ltd. Aurobindo Pharma Ltd. Lupin Ltd. Hikma Pharmaceuticals PLC STADA Arzneimittel AG Dr. Reddy's Laboratories Ltd. Key Attributes: Report Attribute Details No. of Pages 200 Forecast Period 2024 - 2033 Estimated Market Value (USD) in 2024 $4.05 Billion Forecasted Market Value (USD) by 2033 $8.11 Billion Compound Annual Growth Rate 8.0% Regions Covered Saudi Arabia Key Topics Covered: 1. Introduction2. Research & Methodology2.1 Data Source2.2 Research Approach2.3 Forecast Projection Methodology3. Executive Summary4. Market Dynamics4.1 Growth Drivers4.2 Challenges5. Saudi Arabia Generic Drugs Market5.1 Historical Market Trends5.2 Market Forecast6. Market Share Analysis6.1 By Type6.2 By Route of Administration6.3 By Therapeutic Area6.4 By Distribution Channel6.5 By Region7. Type7.1 Simple Generics7.2 Specialty Generics7.3 Biosimilars8. Route of Administration8.1 Oral8.2 Injections9. Therapeutic Area9.1 Infectious Diseases9.2 Respiratory9.3 Musculoskeletal Diseases9.4 Oncology9.5 Central Nervous System (CNS)9.6 Cardiovascular9.7 Others10. Distribution Channel10.1 Online Pharmacies10.2 Retail Pharmacies10.3 Hospital Pharmacies11. Region11.1 Northern and Central Region11.2 Western Region11.3 Eastern Region11.4 Southern Region12. Value Chain Analysis13. Regulatory Framework of Generic Drugs in Saudi Arabia14. Porter's Five Forces Analysis14.1 Bargaining Power of Buyers14.2 Bargaining Power of Suppliers14.3 Degree of Competition14.4 Threat of New Entrants14.5 Threat of Substitutes15. SWOT Analysis15.1 Strength15.2 Weakness15.3 Opportunity15.4 Threats16. Pricing Benchmark Analysis16.1 Teva Pharmaceutical Industries Ltd.16.2 Viatris Inc.16.3 Sandoz Group AG16.4 Sun Pharmaceutical Industries Ltd.16.5 Cipla Ltd.16.6 Aurobindo Pharma Ltd.16.7 Lupin Ltd.16.8 Hikma Pharmaceuticals PLC16.9 STADA Arzneimittel AG16.10 Dr. Reddy's Laboratories Ltd.17. Key Players Analysis For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Saudi Arabian Generic Drugs Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Business Upturn
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Indian Oil Q1 Results: Net Profit falls 21.7% QoQ to Rs 5,688 crore
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Hindustan Copper reported revenue from operations of Rs 516.37 crore in Q1 FY26, up 4.6% from Rs 493.60 crore in the same quarter last year but down 29.4% sequentially from Rs 731.40 crore in Q4 FY25. Other income came in at Rs 10.28 crore, bringing total income to Rs 526.65 crore for the quarter. Total expenses fell 0.3% YoY to Rs 347.29 crore, with a significant inventory gain of Rs 30.72 crore compared to a loss of Rs 47.67 crore in Q1 FY25. Depreciation and amortisation expense stood at Rs 180.04 crore versus Rs 188.33 crore last year. Profit before tax was Rs 179.36 crore in Q1 FY26 compared to Rs 154.13 crore in Q1 FY25. After accounting for current tax of Rs 43.06 crore and deferred tax of Rs 2.02 crore, net profit came in at Rs 134.28 crore, up 18.5% YoY from Rs 113.41 crore. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
