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The Centre is promoting a pharma cluster with an investment of Rs 66.16 crore at the PCPIR in coastal Andhra Pradesh.
The PCPIR (Petroleum, Chemicals, Petrochemical Investment Region), covers East Godavari and Visakhapatnam districts. Andhra Pradesh ranks first in the manufacture of bulk drugs and hence the push further, said Mr M. Gopinath, Regional Joint Director General of Foreign Trade.
The State is third in formulations in the country. It accounts for 40 per cent of the total Indian bulk drug production and 50 per cent of the bulk drug exports, he said at a business networking meet on ‘ChemTech World Expo 2013' here.
The country's pharmaceutical sector is gaining a global position. The domestic pharma market is expected to touch $ 74 billion in sales by 2020 from the current $ 11 billion, according to research reports. The drugs and pharmaceuticals sector attracted foreign direct investments worth $ 9,173.50 million between April 2000 to February 2012.
Jessubhai Media in association with the Federation of Andhra Pradesh Chambers of Commerce and Industry (Fapcci), organised the meeting.
Mr Devendra Surana of Fapcci said Andhra Pradesh is a hub for pharma and biotech companies because of the large number of research institutes.
It has managed to draw several international and domestic companies to set up their base.
soma@thehindu.co.in
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