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Four-fold growth in pharma sector forecast

Our Bureau

NEW DELHI, April 30

THE scale of opportunity in the Indian pharma sector is likely to grow to an innovation-led drug industry worth $25 billion by 2010 with a market capitalisation of almost $150 billion from the current $5 billion generic-based drug industry.

This premise emerged due to the joint perspective of the Federation of Indian Chambers of Commerce and Industry (FICCI) and McKinsey at the conference on `Indian pharmaceutical industry: Vision 2010' organised by FICCI here on Monday. Under the innovatio n-driven environment, the pharma industry can aspire to grow four-fold to become as large as $100 billion by 2020-2025.

In his inaugural address, Mr S.S. Dhindsa, Minister for Chemicals and Fertilisers, revealed that the high-level task force set up by the Prime Minister, has recommended creation of an enabling environment for research and innovation.

``This includes establishing a strong patent regime, developing a culture of patenting in academia and industry, and setting up of a world-class patent office and supporting human resource in quantity and quality,'' he said.

The Minister urged the industry to upscale the investment in research and development (R&D) to 10 per cent of sales turnover which will help make India a global centre for R&D by fully utilising its intellectual capital and skills.

With regard to a series of specific suggestions of the task force, the Minister said, ``However, creation of standards alone would not suffice and it would be necessary to upgrade the Central Drug Standard Control Organisation by modernising, restructuri ng and reforming the existing system.''

Pic.: The Minister for Chemicals and Fertilisers, Mr S.S. Dhindsa, the President of FICCI, Mr Chirayu R. Amin, and the Vice-President of FICCI, Mr R.V. Kanoria, at a FICCI-sponsored conference on the pharma industry in the Capital on Monday.

Picture by Ramesh Sharma