Pharma Industry Round-Up (30/09 to 05/10)
Industry Overview : Global chemical price

Published on October 10, 2013

The Indian pharma industry is one of the biggest industries in India and currently is growing at a rate of 8 to 9% annually. Previously it was valued at USD 23 billion in 2010-11. For the current year, it was predicted that it will grow at a rate of 19%. Overall, this industry meets the need of the country by 70%, and is one of the major industries which add to India’s exports. In 2010-2011, India exported around Rs. 475 billion worth of Medicines and Pharmaceuticals products.


The industry has been in the news with a lot of regulatory issues concerning it. One of them is the USFDA banning one of the major companies of India, and even other companies coming under the scanner for quality checks. Maximum of India’s Pharma exports are consumed by US, which created a lot of stir for the Indian Market.


The Indian Industry reaction to it was to call for stringent quality standards and checks so such issues don’t happen in the near future. Leading companies say that industry needs to tighten its procedures and raise investments concerning the quality so that Indian can hold its position in the international market.


Though India is not the only country that has come under the scanner, in the past other countries have also been banned or affected by the USFDA scanning; it does not lessen the need for tighter quality checks. This might be just the set back India needed to start investing more on improving standards.


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