Aug. 11 – India is expected to become a pharmaceutical research and development (R&D) hub in the next decade with the Department of Pharmaceuticals planning a road map for India to be a global player in the industry by 2020.
The plan is called Vision 2020. The department also plans to create a job of about five lakh in this industry in coming years and to contribute to the growth of India’s GDP.
For this, the government aims to make an annual expenditure of up to US$20 billion every year until 2020. Apart from this several R&D hubs are also being built in cities like Chennai, Mumbai and Kolkata. There are plans to build a high-tech pharma city in Hyderabad on 800 to 900 acres of land.
Under the plan, the government will boost public spending on health care from one percent of GDP to at least two or three percent in the next few years. Six new National Institutes of Pharmaceutical Education and Research are slated to be build to develop the industry further.