The collapse of the property market has left the economy with a huge hole that will be difficult to fill. One of the few sectors that offers hope of growth is the pharmaceutical industry, with senior executives convinced that genuine opportunities remain for Ireland Inc.

Birla Kerala Vaidyashala, a part of the Rs 3,000-crore Yash Birla group, intends to tie-up with local pharma companies to sell its range of products across the country, a top company official said.

Under this deal, Indoco will develop, manufacture and supply a number of products that have total yearly sales of $679 million at present.

The pharmaceutical market in Russia managed to grow by more than 25% in 2009 despite the economic downturn. But domestic producers are still losing out to their foreign rivals.