Bulk Drug Policy to Help Pharma Companies Develop the Value Chain, EXIN Times Reports

According to the reports of EXIN Times, an extensive bulk drug policy will be announced within a month with the objective of expanding the Indian pharmaceutical industry and helping it to grow, announced the department of pharmaceuticals, under the Ministry of Chemicals and Fertilizers, on Wednesday. Under the new policy, the ministry had vowed to “build an ecosystem to help pharma companies to go up in the value chain.” “We are coming up with a new policy which should have been announced six months back. Now it will be unveiled in less than a month,” said Dr VK Subburaj, the Secretary, Department of Pharmaceutical, Ministry of Chemicals and Fertilizers added.

Reports say that India was not sufficient with pharmaceutical supplements and that was imported from other countries until 1970. The nation saw an upsurge in the pharmaceuticals industry in the last 12-15 years with a massive annual turnover. A senior ministry official asserted that pharmaceuticals has the potential to grow over $200 billion and become the world’s largest. “India has now become a superpower as far as generic drugs are concerned. India can become a $300 billion industry including medical devices by 2030,” he said.

The ministry admitted this as a herculean task but emphasized upon the lesser developed states and overcome the problems providing them with infrastructural requirements. The pharmaceuticals industry in recent years has seen a growth of eight to nine per cent and hopes to reach $110 billion by 2030. Though the country has a lack of Active Pharmaceutical Ingredient (API) and is dependent upon China. The ministry while unveiling the in policy had also pointed out this lack of API vowed to focus and accelerate the process.