India Pharma majors Indian drug makers are in much demand and Zydus Cadilla's research deal with global giant Eli Lilly is just one example. The deal is to partner for research of cardiovascular drugs with potential payments of up to $300 million in the long term for the Indian firm.

“More such deals are a possibility for other research molecules," said Pankaj Patel, CMD, Zydus Cadila.

And that's not the end of the story, as India seems to be the best medicine for global pharma right now with an increased spotlight shifting to this geography over the recent past.

The recent example is global drug giant Pfizer’s licensing and supply pact on March 3 with Aurobindo Pharma to source over 50 generic drugs for sale in the US and Europe.

Moreover, with consolidation becoming the new buzzword of big pharma, global players are increasingly looking at cashing in on the Indian option. With interest being evinced in Indian pharma biggies like Piramal, Wockhardt and Shantha Biotechnic.

"Because of pricing pressures, big pharma [players have shut down manufacturing units all across the world and will be increasingly focussing on manufacturing as a non-core option thus lending to outsourcing,” said Sanjay Singh, associate director, KPMG.

And this space is only going to get hotter, as the pressure is on big pharma to deal with drying pipelines and millions of dollars worth of drugs going off patent in the coming few years making generics dominated India a potential goldmine.