Mumbai: Glenmark Pharmaceuticals Ltd, among the early movers in India to invest in discovery of novel drugs, will limit spending on research and development (R&D) to 11-12% of sales for three years as it confronts a challenging business environment in key markets, particularly the US.

Glenmark has been raising spending on R&D annually over the last six years, with investment reaching a record Rs1,262.23 crore in FY17, close to 14% of sales (see chart).

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