We analyze and evaluate the Indian pharmaceutical industry and compare it with the Korean pharmaceutical industry. We provide current market situation, structure, institutions as well as its history since the 1950s. Next, we investigate the competitiveness between the Korean and Indian pharmaceutical industries with various trade related indices as well as a simulation method. In the simulation, we test a situation of no tariff after the Korea-India CEPA. In addition, we perform the SWOT analysis for both markets and compare the results to see how these two markets share common or different factors. Through these analyses, we suggest co-petition strategies for both countries in order to achieve win-win outcome. Finally, we provide the case studies on Korean firms that have entered the Indian market and Indian pharmaceutical firms that are interested in the Korean market.