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Last updated: 18 Feb, 2019  

Tablet.9.Thmb.jpg Pharma industry to grow at CAGR of 15 percent: Minister

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SME Times News Bureau | 18 Feb, 2019

Union Minister of Chemicals and Fertilizers, Statistics and Programme Implementation, D.V. Sadananda Gowda on Tuesday said the pharma industry is expected to grow at a CAGR of 15% in the near future.

On the other hand, as per industry estimates, the medical devices market is expected to grow to $50 billion by 2025, he added.
He said India has successfully maintained its position in manufacture and supply of generic medicines.
Inaugurating the 4th edition of India’s biggest Global Conference on Pharmaceuticals and Medical Devices, in Bengaluru, the minister said “While India continues to maintain leadership position in manufacturing and supply of high quality generic medicines, the Government’s focus is on improving access to affordable healthcare for all and contribute to the largest Government-funded healthcare programme in the world, Ayushman Bharat.”
The occasion was also graced by the presence of Union Minister of State for Chemicals & Fertilizers, Road Transport and Highways, Shipping, Shri Mansukh L Mandaviya.

The event is being organized by Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers, along with Federation of Indian Chambers of Commerce & Industry (FICCI).

In his address, Gowda remembered the late Union Cabinet Minister Shri Ananthkumar for his vision to bring all stakeholders of pharma and medical devices industry on one platform through this conference and to help the Government to bring policy changes for removing roadblocks by addressing the pressing issues in this sector.

The Government continues to strive to increase the ease of doing business in India through such initiatives, he said.

The Minister said that India continues to maintain its leadership position in manufacturing and supply of high quality generic medicines.

With several proactive measures by the Government, exports have improved and the growth in Pharma sector is back on track, he added.

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