The Indian pharmaceuticals industry, growing currently at around 14 percent per year, can double its worth in the next four years to touch Rs.4 lakh crore, union Minister of Chemicals and Fertilizers Ananth Kumar said on Wednesday. “Pharmaceutical sector in the country is a sunrise industry. From around Rs.2 lakh crore currently, we are targetting this sector to touch Rs.4 lakh crore mark, or around $55 billion, by 2020,” the minister said here while releasing the report of the task force on “Development of Manufacturing Capabilities in each Medical Vertical in Pharmaceutical Production”.
“The sector needs to increase its growth rate by 1-2 percent every year. That^s why we have taken various policy initiatives and will keep doing that,” the minister said.