India has the potential to become the ‘pharmacy of the world’, the government's annual pre-budget Economic Survey said on January 29.
During April-October 2020, India’s pharmaceutical exports of $ 11.1 billion witnessed a growth of 18 percent against $ 9.4 billion in the year-ago period.
"Drug formulations, biologicals have consistently registered positive growth and the highest increase in absolute terms in recent months. This led to a rise in its share to 7.1 percent in April-November 2020 from 5 percent in April-November 2019, making it the second-largest exported commodity among the top 10 export commodities. This shows that India has the potential to be the ‘pharmacy of the world’", the survey said.
The pandemic exposed the excessive dependence of the Indian pharmaceutical industry on China for sourcing Active Pharmaceutical Ingredients (APIs) and Key Starting Materials, the survey said.