The rise of Gujarat in the Indian pharmaceutical industry
Gujarat has contributed significantly in the growth of the pharma industry, as per a recent report.
Ahmedabad, April 30, 2013: The contribution of Gujarat has been significant in the growth of the domestic pharmaceutical industry especially in the recent years, as per a recent ASSOCHAM report. By acquisition of foreign assets and having the export-led business models have reflected in the rising share in India’s pharma exports and the industry turnover.
A study paper on "Generic Drug, Clinical Trials & Technology" released on Tuesday at Ahmedabad highlighted the contribution of Gujarat in the growth of India’s pharmaceutical industry. It is worth noting here that the share of Gujarat has moved up from eight per cent in 2002-03 to 22 per cent in total exports. At the same time, bulk drugs constituted 40 per cent while formulations accounted for 60 per cent of the total exports whereas the state has successfully captured a share of over 42 per cent of India's total turnover.
The paper also mentioned that close to 52,000 people are employed in Gujarat’s pharma sector. The pharma sector has grown at a CAGR of 54 per cent over the past three years. Companies like Torrent Pharma, Zydus Cadila, Alembic Pharmaceuticals, Sun Pharma, Claris Lifescience, Intas Pharmaceuticals have established their base in Gujarat.
Clearly, the rising importance of Gujarat in both the domestic and global market makes it an important destination for all the major pharma companies present in the country.