MUMBAI, July 7 -- A year after a landmark deal for an immunotherapy cancer drug with AbbVie, Glenmark Pharmaceuticals is planning a major strategic shift and doubling down to become a global innovation-led pharmaceutical company, underscoring how Indian drugmakers are transitioning beyond generics.

"Over the next 10 years, we think we will be innovative led," Glenn Saldanha, chairman and managing director, told Mint in an interview. The company is of the view that the transition is already under way, though Saldanha cautioned that the journey to innovation is gradual and fraught with setbacks.

"You've got to really go through it step by step, brick by brick, lots of failures. You have to have a solid stomach for failure," said Saldanha,...