Indian pharma companies may be entering a new phase of growth rather than nearing the end of their rally. Market expert Nishchal Maheshwari believes the sector is witnessing a structural transformation driven by innovation, research, and global expansion. A key milestone is the US approval of a New Chemical Entity (NCE) developed by an Indian company, which could encourage more domestic drugmakers to invest in high-value research. At the same time, leading Indian pharma firms are becoming significant global players, moving beyond their traditional role as suppliers of low-cost generic medicines. With government support for R&D, the China+1 manufacturing shift, and growing global presence, the expert argues that the most exciting chapter for India's pharma sector may still lie ahead.