New Delhi: Indian pharmaceutical industry is poised to grow at the rate of 18 percent by the year 2016-17, the Parliament was informed Thursday.
"According to the Report of the Working Group on Drugs and Pharmaceuticals Industry for XII Five Year Plan, the projected rate of growth for Indian Pharmaceutical industry is envisaged as 18 percent by 2016-17," Minister of State for Chemicals and Fertilisers Srikant Kumar Jena today said in a written reply to the Lok Sabha.
The projected rate of growth of the industry in domestic market has been envisaged as 21 percent and the projected growth rate in the international market has been envisaged as 16 percent, he added.
"The estimated value of business of the Pharmaceuticals Industry in 2008 was Rs 80,300 crore which reached to Rs 1,04,209 crore in March 2010," Jena said.
Over 10,000 pharmaceutical companies sell medicines in India.
First Published: Thursday, August 16, 2012, 22:42