Government on Thursday said it will rollout a new pharma policy for bulk drugs in 10-15 days which will help the sector grow manifold over the next 5-7 years.
The government is working on industry friendly bulk drug pharma policy. It is likely to be rolled out by the Prime Minister Narendra Modi in next 10-15 days.
Pharmaceuticals Secretary V K Subburaj said at an event organised the PHD Chamber of Commerce and Industry.
The committee and task force set up by the government for preparing the policy have finalised their recommendations which have been sent to the Prime Minister's Office, he said.
The policy will have various concessions for all stakeholders of the pharmaceuticals sector so that it is put on the growth trajectory, he said.
With this policy, the pharma sector which is of Rs 1.8 lakh crore in size at present, is likely to grow by 4-5 times in next 5-7 years with both its domestic production and exports rising phenomenally, Subburaj added.
Drug Controller General G N Singh said the regulator is addressing all the pending issues to liberate the pharma sector and to simplify export regulations which will be reflected in the forthcoming policy.