The 12th Five-Year Plan document had set an aim to achieve a compound annual growth rate of 18 percent for the pharma sector, the government said today.
"The Twelfth plan document had set an objective of achieving a compound annual growth rate (CAGR) of 18 percent for the sector," Minister of State for Chemicals and Fertilizers Hansraj Gangaram Ahir said in a reply to a question in the Lok Sabha.
To facilitate achieving the growth objective, the government has approved setting up of dedicated research facility in bulk drug, the scheme for cluster development programme for the pharma sector and capacity building of private sector among others, he added.
"In addition, government has also set up three task forces with representation from ministries/departments and industry associations to look into the concerns of the industry and give recommendations for addressing them," Ahir said.
According to the industry outlook CMIE, the drugs and pharma industry registered a growth in sales of 15.92 percent in 2011-12, 9.65 percent in 2012-13 and 10.03 in 2103-14, he added.
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