India tops exporting generic medicines
BHUBANESWAR: India tops in the world in exporting generic medicines worth of Rs 50,000 crore and currently, the Indian pharmaceutical industry is
one of the world's largest and most developed, according to union minister of state for chemicals and fertilisers Srikanta Jena.
The country, today, exports to more than 200 countries around the globe including the highly regulated markets of US, Europe, Japan and Australia. India exported drugs worth around $8 billion in 2008-09, most of which to the US and Europe, followed by Central and Eastern Europe, Latin America and Africa.
"The Indian pharmaceutical industry, now a Rs one lakh crore industry, has shown tremendous progress in terms of infrastructure development, technology, human resource with a wide range of products. It has established its presence and has shown determination to flourish in a changing environment", Mr Jena on Sunday told "The ET".
Mr Jena was here to launch Jan Ausadhi Abhiyan, the National campaign to ensure universal reach of generic medicines across the population.
The country now ranks 3rd worldwide in volume and 14th in terms of value. The industry now produces bulk drugs belonging to all major therapeutic groups requiring complicated manufacturing technologies.
"Formulations in various dosage forms are being produced in Good Manufacturing Practice (GMP) and WHO compliant facilities. Strong scientific and technical manpower and pioneering work done in process development have made these possible", Mr Jena remarked adding that the Department of Pharmaceuticals is working with the vision to make India one of the top five global pharmaceutical innovation hubs by 2020.
The economic and social returns of investments made towards this aspiration could be significant, and this could help India create more than 500,000 high value jobs for its youth and provide the country with low cost healthcare for chronic and life threatening ailments like malaria and tuberculosis," he added.
Talking about Jan Aushadhi campaign, Mr Jena said the government will facilitate setting up of 'Jan Aushadhi' Stores where unbranded quality generic medicines are sold and made available at lower prices with the objective to reduce the healthcare costs of which medicines form a major part.
The word 'generic' is used to describe a product, particularly a drug, which does not have a trademark. For example, 'paracetamol' is a chemical ingredient that is found in many branded painkillers and is often sold as a generic medicine in its own right. http://economictimes.indiatimes.com
