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Pharmaceutical Industry

Pharmaceutical Industry In India

India is one of the fastest-growing pharmaceutical markets in the world and has established itself as a global manufacturing and research hub. A large raw material base and the availability of a skilled workforce give the industry a definite competitive advantage. India provides generic medicines to almost 200 countries. It is responsible for about 40 per cent of the generic and over-the-counter drugs consumed in the US. Indian generics market is expected to grow to US$ 26.1 billion by 2016.

The Indian pharmaceutical industry was estimated to be worth US$ 12 billion in 2013 and is expected to touch US$ 100 billion by 2025. The domestic pharma sector is witnessing strong growth due to higher penetration in tier-II and tier-III cities and greater focus on the largely-untapped rural market. India exports to more than 200 countries; its share of exports is expected to grow manifold.

India’s pharmaceutical exports under chapter 30 stood at US$ 11.58 bn in FY 2014-15. Bulk drugs and drug intermediates registered an export of worth USD 3.5 bn in 2014-15.

Pharmaceutical Export Promotion Council

The Pharmaceutical Export Promotion Council (PHARMEXCIL) was set up in 2004 by Ministry of Commerce and Industry, Government of India, for the promotion of pharma exports.

Source: India Brand Equity Foundation

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