Indian pharma market growing at over Rs.2 lakh cr

India's pharmaceutical industry, with a market size of over Rs.2 lakh crore, ranks third in volume and 13th in value across the globe, it was announced on Sunday. The industry is likely to create over 1.30 lakh jobs in 2016 itself. According to industry chamber CII, India has around 300 large and 8,000 small and medium scale pharma units at present with over 20,000 manufacturers in both the organised and unorganised segments. The India pharma industry has 77 percent formulation manufacturers and 23 percent bulk drug manufacturers with 169 FDA (US) approved plants and 153 EDQM (European directorate for Quality (EU) approved facilities at present, the statement said. It further cited India Skills Report 2016 to say that across India, the percentage increase in hiring numbers for pharma and healthcare have been 25 percent and above. According to 'Makeinindia.com', the Indian market is the world's 6th largest pharma market and will be the 3rd largest market by 2020. The generics market is expected to grow to $26.1 billion by 2016 from $11.3 billion in 2011. Courtesy: SME Times

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