Releasing the study that deals with all aspects of Indian Pharmaceutical industry, ASSOCHAM Secretary-General D.S. Rawat said that it revealed the latent potential of the present 18 billion USD industry that is expected to grow to 45 billion USD by 2020.
Rawat said the study also showed how it could help access to healthcare, universal health coverage, expand and improve clinical trials, bio-similars, fixed dose drug combinations, active pharma ingredients, and improve proposed Drugs and Cosmetics Amendment Bill 2013.
"We believe that any pharmaceutical policy should benefit patients and support sustainable access to innovative products and availability of quality medicines while at the same time building a robust and competitive pharmaceutical environment which encourages and promotes manufacturing, R&D and innovations as well as continued investment," ASSOCHAM national council on drugs and pharmaceutical council chairman Bhaskar Iyer and co-chairman Umang Chaturvedi said.
The ASSOCHAM study expressed grave concern over the fact that "India was behind China, Thailand, Brazil and other countries in public healthcare."
This had resulted in Indian poor having to spend as much as 75 per cent of the healthcare costs from their pockets against 25 per cent in Thailand and 44 per cent in China. Health insurance coverage was only available 25 per cent of the population.
"There has been significant slowdown in Indian pharmaceutical industry," Rawat said.