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Indian Pharma Industry's Revenues Estimated To Have Surged 7.4% In 2017

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The Indian witnessed growth at a (CAGR) of 5.64%, during 2011 to 2016, with the market increasing from US$ 20.95 billion in 2011 to US$ 27.57 billion in 2016. The industry's revenues are estimated to have grown by 7.4% in 2017, according to a latest update from the

Union of Commerce and Industry, Suresh Prabhu, said that is recognized globally as one of the key players in the field of generic medicines. Speaking at a function organized by the Organization of Pharmaceutical Producers of (OPPI), in today, he said by 2020 is likely to be among the top three by incremental growth and 6th largest market globally in absolute size. The further said that increase in the size of middle class households coupled with the improvement in medical infrastructure in the country will influence the growth of the

said that India is the best destination for research in and their application. He called for a balance between the growth of pharma sector and protection of consumer interests. said that there are great opportunities in African and Latin American countries for Indian and India has the potential to become a place for in the He said that the pharma industry will play a key role in driving India to become a $ 5 trillion

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 17:48 IST