Pharma industry in India is playing a vital role in the healthcare area of the nation. With the implementation of product patent from the year 2005, there will be a tough competition for the global marketshare. Pharma companies will have to focus more intensively on R&D activity to survive the competition. As we are moving towards globalization, there is a need for strategic planning to meet the challenges posed by the product patent era. In the present context with the available expertise, manpower and skill, the Indian Pharma Industry will fight successfully for the global marketshare. In the present article, we have reviewed the status of Indian pharma industry vis-a-vis Global pharma industry. The probable opportunities and challenges for the Indian Pharma Industry in the post 2005 era have also been discussed.