Published on March 6, 2018
The pharma industry currently stands at $35 billion - both Indian market and exports - accounting for about 3.1–3.6 per cent of the global pharmaceutical pie in value and 10 per cent in volume terms.
The pharma industry has been growing 1.5 times the GDP growth rate for more than a decade and has a annual turnover of Rs 2.25 lakh crore.
As per report in Budget 2018, Finance Minister Arun Jaitley announced a health protection scheme, which is expected to benefit 10 crore poor and vulnerable families. This will be the world's biggest government funded health scheme. The government will provide up to Rs. 5 lakh per year per family for medical care in secondary and tertiary healthcare institutions.
Pharma Vision 2020', which aims to make India a major hub for end-to- end drug discovery, is a great initiative by the Government of India. Under this initiative, there are plans to set up a $640-million venture capital fund to enhance drug discovery and support pharmaceutical infrastructure. Market players look forward for more government support.
