Indian pharmaceutical sector to grow at 18 per cent by 2016-17: Government
The Indian pharmaceutical industry projected to grow 18 per cent by 2016-17.
New Delhi, August 16, 2012: Indian pharmaceutical industry is well placed to grow at a pace of 18 per cent by the year 2016-17.
"According to the report of the working group on drugs and pharmaceuticals Industry for XII Five Year Plan, the projected rate of growth for Indian Pharmaceutical industry is envisaged as 18 per cent by 2016-17," Minister of State for Chemicals and Fertilisers, Srikant Kumar Jena said in a written reply to the Lok Sabha.
It may be noted here that the projected rate of the industry is the domestic market is expected to be around 21 per cent while the projected growth rate for the international market is expected to be around 16 per cent.
"The estimated value of business of the pharmaceuticals industry in 2008 was Rs 80,300 crore which reached to Rs 1,04,209 crore in March 2010," Jena said.
It is worth mentioning here that over 10,000 pharma companies are in the business of selling medicines in the domestic market.