New Delhi, December 19 (SocialNews.XYZ) India’s pharmaceutical industry is considered the third largest in the world in terms of production, with the pharmaceutical market valued at $50 billion in 2023-24, says Anupriya Fertilizer the Minister of State said. Patel.
Rajya Sabha Patel, in a written reply to Rajya Sabha Patel, said the domestic consumption value of the pharmaceutical market in 2023-24 was $23.5 billion and the export value was $26.5 billion.
The Indian pharmaceutical industry has a strong presence at the global level. It also ranks 14th in terms of production value and has an extremely diverse product base encompassing generic drugs, active pharmaceutical ingredients, over-the-counter drugs, vaccines, biosimilars, and biologicals.
“According to the National Accounts Statistics 2024 published by the Ministry of Statistics and Program Implementation, the total output of industries such as pharmaceuticals, medicines and plant products is Rs. 4,56,24,600 in FY 2022-23 at constant prices. Crore, of which value addition is Rs 1,75,583 crore. In 2022-23, 9,25,811 people will be employed in the pharmaceutical, pharmaceutical and plant products industry,” Patel said.
Meanwhile, the Ministry of Health also announced that the Ministry of Pharmaceutical Sciences has established seven National Institutes of Pharmaceutical Education and Research (NIPER) as institutions of national importance. These institutions not only provide graduate and doctoral education, but also conduct advanced research in a variety of pharmaceutical specialties.
Additionally, the ministry has also developed a national policy to promote research, development and innovation in medicines and medical devices.
It also aims to create an ecosystem for innovation in this sector to help India become a leader in drug discovery and innovative medical devices by fostering an entrepreneurial environment. .
Source: IANS
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