Updated on Nov 19, 2018 12:08:48

 

 

India a Key Player in Generic Medicines – Suresh Prabhu

Web Admin

Web Admin

5 Dariya News

New Delhi , 13 Jul 2018

Union Minister of Commerce and Industry, Suresh Prabhu, said that India is recognizedglobally as one of the key players  in the field of generic  medicines. Speaking at a function organized by the Organization of Pharmaceutical Producers of India (OPPI), in New Delhi today, he said by 2020  India is likely to be among the top three pharmaceutical markets by incremental growth and 6th largest market globally in absolute size. The Minister  further said that increase in the size of middle class households coupled with the improvement in medical infrastructure in the country will influence the  growth of the pharmaceuticals sector.Suresh Prabhu said that India is the best destination for research in genomics and their application. He called for a balance between the growth of  pharma sector and protection of consumer interests. Suresh Prabhu said that there are great opportunities in African and Latin American countries for  Indian pharmaceutical industry andIndia has the potential to become a place for holistic solutionsin thehealthcare sector. He said that the pharma  industry will play a key role in driving India to become a $ 5 trillion economy.The Indian pharmaceuticals market witnessed growth at a compound annual growth rate (CAGR) of 5.64 per cent, during 2011 to 2016, with the market  increasing from US$ 20.95 billion in 2011 to US$ 27.57 billion in 2016. The industry’s revenues are estimated to have grown by 7.4 per cent in 2017.

 

Tags: Suresh Prabhu

 

 

related news

 

 

Photo Gallery

 

 

Video Gallery