As per the report of the Working Group on Drugs and Pharmaceuticals Industry for XII Five Year Plan, the Indian pharmaceutical industry is poised to grow at the rate of 18% by the year 2016-17, said the Minister of State for Chemicals and Fertilizers Srikant Kumar Jena in the parliament session.
The minister also confirmed that the estimated rate of growth of the industry in domestic market has been envisaged as 21% and the projected growth rate in the international market has been envisaged as 16%.
About 10,000 pharmaceutical companies sell medicines in India. The estimated value of business of pharmaceuticals industry in 2008 was Rs 80,300 crore and by March 2010 it had reached to Rs 104,209 crore.
India is among the top 20 pharmaceutical exporting countries and the exports have grown very significantly at a CAGR of around 19% in the 11th plan period. Indian drugs are exported to around 200 countries in the world with highly regulated markets of USA, UK etc.
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