The Indian pharmaceutical industry has grown significantly over the past few decades from a market dominated by foreign companies to becoming a major exporter and the 4th largest producer by volume globally. It meets 95% of domestic medical needs through companies manufacturing generic drugs and drug intermediates. The industry is projected to grow at 8% annually to $34 billion by 2012, higher than global growth, driven by factors like rising incomes, health awareness, and increasing treatment of medical conditions. The government provides various incentives and export promotion initiatives to support the industry's continued growth and ability to capture opportunities in outsourcing and the global market.