Much against the wishes of the pharmaceutical industry, the pre-Budget Economic Survey on Tuesday said the National Pharma Policy, which aims at providing life-saving drugs at reasonable prices, will be implemented soon.
"The National Pharmaceutical Policy, aimed at ensuring availability of life-saving drugs at reasonable prices, is being finalised and will be implemented shortly," said the Survey tabled in Parliament.
Lauding the pharmaceutical sector for its impressive growth of more than 10-fold since 1990, it said the industry is poised to nearly double its turnover from Rs 55,000 crore (Rs 550 billion) in 2005-06 to Rs 1,00,000 crore (Rs 1,000 billion) by 2010.
With the value of exports at over Rs 21,000 crore (Rs 210 billion) in 2005-06,
India is today recognised as one of the leading global players in pharmaceuticals, the Survey said.
Internationally recognised as one of the lowest-cost producer of drugs, the sector holds the fourth position in terms of volume and 13th in value of production, it said.
The pharmaceutical sector has the maximum number of overseas regulatory approvals in the world and has grown in terms of quantity and quality, it said.
"Indian companies are now seeking more Abbreviated New Drug Approvals in USA in specialised segments like anti-infectives, cardiovascular and central nervous system groups," it said.
Economic Survey 2006-07: Complete Coverage