11-03-2014, 02:53 PM
Overview of Indian Pharmaceutical Industry:
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Indian pharmaceutical sector has an estimated market value of about US $10 billion.
It's at 4th rank in terms of total pharmaceutical production and 13th in terms of value.
It is growing at an average rate of 7.2 % and is expected to grow to US $17 billion by 2015.
With the Product Patent Act, which came into action in January 2005, this industry is able to attract big MNCs to India.
Contract manufacturing is growing at a very fast pace and is estimated to grow to US $ 30billion, whereas contract research is estimated to reach US $ 6-10 billion.
Approvals given by Foods and Drugs Administration (FDA) and ANDA(Abbreviated New Drug Application)/DMF (Drug Master File) have played an important role in making India a cost-effective and high quality product manufacturer.