Plan panel sets $100
billion target for pharma sector by 2020
NEW DELHI: The Planning
Commission has set
a target for the Indian pharmaceutical
industry to
reach $ 100 billion by 2020 and account for 5 per cent share of the global
drug industry in the
next five years.
According
to the final draft for 12th Five Year Plan (2012-17) by the panel, the
objective of the sector will be to cross the $ 60 billion mark in 2017, which
will be 5 per cent of global pharma industry.
"By
2020, the (pharma) sector should be at $ 100 billion," it said.
Currently,
the Indian pharmaceutical industry is valued at $ 22 billion and is the third
largest in terms of volume and 13th in terms of value globally.
According
to the draft plan, the exports of pharma products should rise to Rs 1.3 lakh
crore by the end of the 12th Five Year Plan.
"The
sector should employ 15 lakh people by 2015, 18.98 lakh by 2018 and 24.64 lakh
people by 2022," it added.
According to the draft plan, which will be submitted to National
Development Council (NDC)
tomorrow, all the Central Public Sector Undertakings (CPSUs) involved in
production of pharmaceutical products should be self-sustaining by 2020.
In
order to achieve the target, the Planning Commission has recommended various
steps which include capacity building of private sector to meet WHO-GMP (World
Health Organization- Good Manufacturing Practice) standards and other
international manufacturing requirements.
The
other recommendations include developing a common infrastructure in drug
discovery and development such as manufacturing, distribution, exports and
medical devices.
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