India will be among top five Pharma Innovation Hubs by 2020,attracting an additional 20 billion USD in terms of GDP,a senior government official claimed today.
A white paper drafted by the department of pharmaceuticals of the Union Government has projected India to be among top five Pharma Innovation Hubs by 2020,attracting an additional US $20 billion (Rs 100,000 crores) in terms of GDP,Secretary Department of Pharmaceuticals Ashok Kumar said.
“India today accounts less than one per cent of the US $130 billion in worldwide spending on pharmaceuticals research and development,despite its strength in process chemistry and abundant talent pool,” Kumar said.
“To place the country amongst top five global innovation hubs by 2020 projected expenditure will be between US $1-2 billion on public private partnership (PPP) mode,which the government and industry will have to provide annually for a period of 10 years,” he added.
“With the investments of this tune there is likelihood that out of the every 5-10 drugs discovered worldwide by 2020 one will be from India,” Kumar said.