India's pharma sector is the world's third largest industry, market value to reach $50 billion in 2023-24.

New Delhi, December 19 (IANS). Union Minister of State for Chemicals and Fertilizers, Anupriya Patel said that India's pharmaceutical industry is considered to be the third largest industry in the world in terms of volume and the value of the pharmaceutical market is expected to reach $50 billion in the financial year 2023-24.

In a written reply in the Rajya Sabha, Union Minister Anupriya Patel said that the domestic consumption value of the pharmaceutical market in the financial year 2023-24 was $ 23.5 billion and the export value was $ 26.5 billion.

The Indian pharmaceutical industry has a strong presence globally. It also ranks 14th in terms of value of production, which includes generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars and biologics.

According to the National Accounts Statistics 2024 published by the Ministry of Statistics and Program Implementation, the total production for pharmaceuticals, medicinal and botanical products at constant prices for FY 2022-23 is Rs 4,56,246 crore, of which Rs 1,75,583 crore is value added. Is.

The Union Minister said that 9,25,811 people were engaged in the pharmaceuticals, medicinal and botanical products industry during the financial year 2022-23.

Meanwhile, the Minister of State also informed that the Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance.

These institutions provide postgraduate and doctoral education, as well as high level research in various pharma specialisations.

In addition, the Department has also formulated a National Policy to promote Research, Development and Innovation in Pharmaceuticals and Medical Devices.

It also aims to create an ecosystem for innovation in this field, so that India can become a leader in drug discovery and innovative medical devices by creating an entrepreneurial environment.

–IANS

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