'India set to become major player in global pharma market'
The Indian pharma sector is on the threshold of becoming a major player in global pharmaceutical markets and needs to be strengthened, a top government official said today.business Updated: Jul 19, 2010 21:02 IST
The Indian pharma sector is on the threshold of becoming a major player in global pharmaceutical markets and needs to be strengthened, a top government official said today.
"We have every capability to become a major pharma player in global pharmaceutical markets. But we need to develop more capabilities in complex chemistry, advanced formulations, product innovation and drug discovery,” Ashok Kumar, Secretary, Department of Pharmaceuticals, Government of India, told reporters on the sidelines of an industry conference here.
The Indian pharmaceuticals industry would be worth USD 40 billion by 2015, from the existing USD 20 billion, he said.
According to Kumar, India needs to take a re-look at the biologicals and fermentation industry as the energy and labour cost differentials between India and China have all but vanished.
Indian exports to the Commonwealth of Independent States, valued at nearly USD 700 million, accounts for nearly 7 per cent of India’s exports in the sector, Kumar said, adding that it has grown by 5 per cent in the last five years.
As per available data, India is the fifth largest supplier of formulations and sixth largest supplier of bulk drugs to Russia.
Similarly, as far as formulations are concerned, India is the second largest supplier to Ukraine, Belarus and Moldova.
The Union Government recognises pharmaceuticals as a flagship industry of India, he added.
"Indian drug manufacturers have established globally an indelible reputation for their quality, affordable prices and low-cost manufacturing skills," Rajeev Kher, Joint Secretary, Ministry of Commerce and Industry, Government of India, said.
"The country is rapidly becoming an emerging destination for pharmaceuticals. Besides, we are also focusing on various bilateral treaties with other countries to increase the reach of Indian companies to other parts of the world," Kher added.
First Published: Jul 19, 2010 20:59 IST