The Indian Pharmaceutical industry has become the third largest in the world in terms of volume, valued at over Rs one lakh crore, the Parliament was informed today.
"The Indian pharmaceutical industry, now over one lakh crore (US $ 20 billion) industry, has shown tremendous progress in terms of infrastructure development,technology base creation and a wide range of products," Minister of State in the Chemicals and Fertilisers Ministry Srikant Kumar Jena said in the Lok Sabha in reply to a written query.
The country now ranks third worldwide by volume and 14th by value thereby accounting for around 10 per cent of the world's production by volume and 1.5 per cent by value, he added. "Globally, it ranks fourth in terms of generic production and 17th in terms of export value of bulk actives and dosage forms," Jena said.
The industry has established its presence and determination to flourish in the changing environment, the minister said.
Indian exports pharmaceuticals to more than 200 countries around the globe, including highly regulated markets of USA, West Europe, Japan and Australia.