Double-digit spend to catapult domestic pharma growth in the next 5 years

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Domestic pharma industry contributes to over 4 per cent to the gross domestic product, against the global average of 9 per cent. This makes India a country with one of the lowest medicine spends.However, spend on medicines is projected to grow by 9-12% in the next five years compared to China’s 5-8%, which will thrust India forward to reach the list of top 10 countries. There are close to half a million people directly, and over a million people indirectly, employed in the domestic pharmaceutical industry. This makes India the second highest skilled biotech workforce …
Source: Business Standard