Industry & Economy
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Pharmaceuticals
Plan panel stresses on national policy for pharma industry
Our Bureau
New Delhi
,
Feb. 11
THE Planning Commission has underlined the need for a national policy and regulatory framework for the development of drugs and pharmaceutical industry and research on natural products.
At a meeting of a committee presided over by the Planning Commission Deputy Chairman, Mr K.C. Pant, the members stressed upon safety, efficacy and quality aspect of this growing industry. The committee took cognisance of the paradigm shift from modern drugs to herbal drugs on a number of counts.
It pointed out that the share of Indian herbal production was less than two per cent of the global market, despite the fact that the country not only has a rich bio-diversity but also a traditional knowledge based on therapeutics efficacy of a large number of medicinal plants.
The global herbal market is more than $60 billion, which is growing by 7 to 12 per cent annually and is likely to become a $5-trillion industry by 2050. Plan panel members including Dr D.N. Tewari and Dr K. Venkatasubramanian also addressed the meeting.
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