Commerce Minister Suresh Prabhu Friday said that India is recognized globally 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, Prabhu 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 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.

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.

The minister 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.

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 solutions in the healthcare sector.

He said that the pharma industry will play a key role in driving India to become a $ 5 trillion economy.