Government to set up consultative group for pharmaceutical industry
Comprising of government officials and industry representatives, the group will focus on improving the position of Indian pharma in global markets.
New Delhi, September 9, 2012: In order to boost the pharma export from India, the Department of Commerce has decided to form a consultative group comprising government officials and industry representatives. The group has an aim to institutionalise a standard mechanism for consultation between the industry and the government for improving the position of Indian pharmaceutical exports in the global markets.
As per the mandate of the group, it will develop the brand image of India as a source of affordable, safe and quality medicines with an aim to garner large share of global pharmaceutical market.
The group will look into issues including ways to improve investments in the exports from pharmaceutical sector and will have secretaries from key ministries to represent the government.
In addition, the group will also focus on areas like strengthening innovations especially in the area of generic pharma market in India. The group aims to come up with ways in which the country can develop new approach towards production, exports and sharing services.
The Indian pharma industry has over 10,000 firms estimated at Rs 1 lakh crore. Out of the total size of the pharma market, close to Rs 60,000 crore comes from the strong domestic market.