India is one of the fastest developing third world countries, it is rapidly gaining name and fame in the Chemical and Pharmaceutical Industry.
An Indian envoy has estimated that if India Keeps on the current track of growth we would soon have a net worth of USD 55 billion Dollars by the end of 2020.
We have come a very long way in terms growth of the Pharmaceutical Industry, it has expanded from 6 billion USD in 2005 to 55 billion USD. India’s ambassador to US Arun Singh during the inauguration of the 34th annual convention of American Association of Physicians of Indian-Origin (AAPI) proudly boosted about the Indian Chemical and Medicinal Market growth.
70 to 80 percent of the medicine and pharmaceutical industry is dominated by generic drugs and chemical compounds and India is one of the largest supplier and manufacturer of Generic Drugs, it is from here that 20 to 30 percent of all generic drugs are exported in terms of volume.
India is a great place for production because the cost of manufacturing drugs and medicine here is almost half when compared to U.S and half of the European nations.
Arun Singh praised the commitment, dedication and hard work of the people who have worked in order to make the U.S and Indian collaboration a success.
The event was attended by 1,500 AAPI delegates from across the nation. AAPI President Seema Jain said “As physicians we must be equipped to tackle the next generations unique set of challenges and support”.
Well we hope to see India reach the top three positions and out speed itself from the sixth largest pharmaceutical industry globally. We are growing through leaps and bound and we will develop further in the field of medicine, chemicals, and drugs through helpful leadership.