India forms consultative group to enhance pharma exports

To revive the ailing pharma industry by boosting exports, the government of India has formed a consultative group comprising government officials and industry representatives. The group members will look into various issues in the industry and also plan ways to garner more investments into the sector.

The centre’s main motive in forming the group includes, leveraging brand India as the best source of affordable, safe and quality medicines and capture the major share of international pharmaceutical market. The panel will be responsible for developing new approaches in production, exports, sharing services and will also focus on more innovations, including all aspects for generic pharmaceutical stores in India.

The pharmaceutical industry in India meets around 70% of the country's demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals and injectables. The Indian pharmaceutical industry, consists of about 10,000 firms, and is estimated as a Rs 1 lakh crore industry, where Rs 60,000 crore accounts from domestic market.