SME Times News Bureau | 03 Jul, 2012
In order to mull promotion of brand India pharma with the industry, the Union Minister of Commerce, Industry and Textiles Anand Sharma will review Indian pharma exports and global market development in the first meeting of the Consultative Group on Exports of Pharmaceutical Products in New Delhi today.
The meeting will be attended by the members of the Consultative Group which include both industry and government representatives, the ministry informed in press statement.
Apart from reviewing the status of Indian Pharma exports and the developments in the global market of this industry, the meeting will also feature discussions on supporting innovation and Research & Development (R&D) in the Pharma sector; steps taken to emphasize commitment to quality, safety and efficacy of Indian medicines; ways to promote Brand India Pharma in important markets; and the manner in which India can attain a leadership position in the world in Pharma exports.
A large number of industry representatives are likely to attend the meeting.
India is the third largest producer of pharma products by volume and its pharma industry is growing at 15-20 percent annually. The domestic pharmaceutical industry pegged at USD 20 billion, is expected to touch USD 75 billion by the end of this decade.
India is also among the world’s leading exporters of pharmaceuticals and its pharma exports was USD 13 billion last year growing annually at a rate of nearly 25 percent. India produces a fifth of the generic medicines of the world.