The Indian pharmaceutical sector has come a long way, being almost non-existent before 1970 to a prominent provider of healthcare products, meeting almost 95 per cent of the country's pharmaceuticals needs. India's US$ 9.4 billion pharmaceutical industry is growing at the rate of 14 percent per year. It is one of the largest and most advanced among the developing countries. The Indian pharmaceutical industry can reach a market size of US$ 11.6 billion by 2012.
Growth rate
India’s Pharmaceutical market grew at 15.7 per cent during December 2011. Globally India ranks third in terms of manufacturing pharmaceutical products by volume. The Indian pharmaceutical industry expected to grow at a rate of 9.9 % till 2010 and after that 9.5 % till 2015. The Indian pharmaceutical market is expected to touch US$ 74 billion sales by2020 from US$ 11 billion. The market has the further potential reach US$ 70 billion by 2020 in an aggressive growth scenario.
GS’s Prospective
According to available figures the size of the Indian Pharmaceutical industries is poised to grow from Rs. 30,200 crore in 2007 to Rs. 33,500 crore in 2008 and further to Rs. 140, 000 crore in 2020. The Department of Pharmaceuticals estimated to have creation of 5 lakh new jobs within next four years involving investment of Rs. 5,000-10,000 crore through public – private partnership model.
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