India a key player in the field of generic medicines, states Commerce min Suresh Prabhu

By the year 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and 6th largest market globally in absolute size

India a key player in the field of generic medicines, states Commerce min Suresh Prabhu

Union Minister of Commerce and Industry, Suresh Prabhu, said that India is recognised globally as one of the key players in the field of generic medicines. He stated this while speaking at a function organised by the Organization of Pharmaceutical Producers of India (OPPI), in New Delhi.

The minister further said that increase in the size of middle class households coupled with the improvement in medical infrastructure in the country will influence the growth of the pharmaceuticals sector.

Prabhu said that India is the best destination for research in genomics and their application. He called for a balance between the growth of pharma sector and protection of consumer interests.

He added that there are great opportunities in African and Latin American countries for Indian pharmaceutical industry and India has the potential to become a place for holistic solutions in the healthcare sector. He said that the pharma industry will play a key role in driving India to become a $ 5 trillion economy.