US$55bn pharma by 2020
The Pharma sector would grow to be worth US$55 billion by 2020 from the present US$32 billion, said #Union Minister for Chemicals & Fertilizers and Parliamentary Affairs, Ananth Kumar.
The sector accounts for around 20 per cent of the World’s generic medicine supply chain, exporting to over 250 countries globally.
Indian Pharma Industry provides over 60 per cent of global vaccines, he told “#India Pharma 2017 & India Medical Device 2017” International Conference inaugurated 11 February 2017 in Bengaluru.
The sector has received Foreign Direct Investment (FDI) close to US$14 billion.
The Minister also announced that Bengaluru, being the hub of Information technology and skilled manpower, a Pharma and Med Tech Zone would be set up soon.
“This step would give a boost to domestic manufacturing of pharmaceuticals and medical devices in India under the Make in India mission,” Kumar said, calling on the industry stakeholders to make India as the “Pharmacy of the World”.
The Pharma and Med Tech zone in Andhra Pradesh has attracted over 30 investment proposals from domestic and international pharma companies which has the potential to reduce the manufacturing cost of drugs and medical devices by around 30 per cent as compared to global prices, added #Minister of State for Chemicals & Fertilizers, Mansukh Lal Mandaviya.
Kumar also highlighted the long pending issues addressed by the Government to promote Ease of Doing Business in pharma and medical devices sector.
Kumar elaborated that correction of the Inverted Duty structure for medical devices, withdrawal of extension duty on imports to promote domestic manufacturing of bulk drugs and bringing about a fair, transparent, predictable and level playing field in the sector etc., has been done by the Government.
The Minister has assured the industry that the Government would maintain this stability for the sector in the future as well.
Kumar also disclosed about deliberations on making the #Department of Pharmaceuticals into an independent Ministry.
The three day event is being organized by the Department of Pharmaceuticals, #Ministry of Chemicals & Fertilizers and #Federation of Indian Chambers of Commerce & Industry (FICCI) from 11th-13th February, 2017. fii-news.com
