Pharma sector turnover to double by 2010

New Delhi: The Economic Survey 2006-07 has predicted a doubling of turnover to Rs 1,00,000 crore for the pharmaceutical industry by 2010 and said that the National Pharmaceutical Policy will be implemented soon.

The sector, with exports of Rs 21,000 for 2005-06, has helped India become a leading global player in pharmaceuticals, says the Survey. It also attributed qualitative and quantitative improvements in research and development to policy initiatives of the recent past.

The increasing number of domestic pharma companies winning international regulatory approvals (such as US Food and Drug Administration or Medicines and Healthcare Products Regulatory Agency, UK), and the fact that a major share of exports went to developed countries was testimony to the price competitiveness and excellent quality of domestic pharmaceuticals.

The Survey also noted that companies were seeking more Abbreviated New Drug Applications (ANDAs) in the US in specialised areas such as anti-infectives, cardiovasculars and central nervous systems groups.

Positioned at four in terms of volume, and 13 in value, the domestic industry is one of the lowest cost producers of drugs.