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Plan panel sets $100-billion target for pharma industry by 2020

26 Dec 2012 Evaluate

The Planning Commission of India has set a target for the pharmaceutical industry to reach $100 billion by 2020, and account for 5% share of the global drug industry in the next five years. Currently, the Indian pharmaceutical industry is valued at $22 billion and is the third largest in terms of volume and 13th in terms of value globally.

According to the final draft of the 12th Five-Year Plan (2012-17) by the panel, the objective of the sector will be to cross the $60-billion mark in 2017, the exports of pharma products should rise to Rs 1.3 lakh crore by the end of the 12th Five Year Plan and it should employ 15 lakh people by 2015, 18.98 lakh by 2018 and 24.64 lakh people by 2022.

Final draft plan, which will be submitted to National Development Council on December 26, all the Central Public Sector Undertakings (CPSUs) involved in production of pharmaceutical products, should be self-sustaining by 2020.

In order to achieve the target, the planning commission has recommended various steps which include the capacity building of private sector to meet World Health Organization-Good Manufacturing Practice standards and other international manufacturing requirements. Other recommendations include developing a common infrastructure in drug discovery and development such as manufacturing, distribution, exports and medical devices.

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