New Delhi, Dec 26: The Planning Commission has set a target for the Indian pharmaceutical industry to reach $100 billion by 2020 and account for 5 per cent share of the global drug industry in the next five years.
According to the final draft for 12th Five Year Plan (2012-17) by the panel, the objective of the sector will be to cross the $60 billion mark in 2017, which will be 5 per cent of global pharma industry.
"By 2020, the (pharma) sector should be at $100 billion," it said.
Currently, the Indian pharmaceutical industry is valued at $22 billion and is the third largest in terms of volume and 13th in terms of value globally.
According to the draft plan, the exports of pharma products should rise to Rs 1.3 lakh crore by the end of the 12th Five Year Plan.
"The sector should employ 15 lakh people by 2015, 18.98 lakh by 2018 and 24.64 lakh people by 2022," it added.
According to the draft plan, which will be submitted to National Development Council (NDC) on Wednesday, all the Central Public Sector Undertakings (CPSUs) involved in production of pharmaceutical products should be self-sustaining by 2020.
In order to achieve the target, the Planning Commission has recommended various steps which include capacity building of private sector to meet WHO-GMP (World Health Organization- Good Manufacturing Practice) standards and other international manufacturing requirements.
The other recommendations include developing a common infrastructure in drug discovery and development such as manufacturing, distribution, exports and medical devices.