Pharma industry growing by 10% every year, say experts

CHENNAI: Pharma industry grows by 10 percent every year and Indian industry has established itself as 'pharmacy of the world' by growing to 3 position in the world in terms of volume and supplying essential medicines to 200 countries, experts from the pharmaceutical industry said at the Pharmac South conclave on Saturday.

The event is being conducted by Indian Drugs Manufacturers Association -Tamil Nadu, Puducherry & Kerala (IDMA TNPKSB). Over the years, Pharma South has facilitated business between contract manufacturing companies and businesses looking for outsourcing manufacturing. The delegates from top marketing companies from all over India are participating in the event.

J Jayaseelan, Chairman, IDMA TNPKSB said that one in every 5 pills are globally manufactured in India and 1 in 3 vaccines sold in the world are manufactured in India. Adding to the development of the industry, the Tamil Nadu government is working on a Pharma park at Tindivanam. The experts also talked about the ease of doing business in Tamil Nadu, incentives given by the government to start new industries.

S V Veeramani, Past National President, IDMA & Vice-Chairman of Pharmexcil said that now the volume of the industry is about Rs. 36,000 crore, out of which 30 per cent are exported. In ten year the volume of the industry is US 500 billion dollar.