Hyderabad: 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 there is a need to push further, said Mr M. Gopinath, Regional Joint Director General of Foreign Trade.
The state ranks third in formulations. It accounts for 40 per cent of the country’s total bulk drugs production and 50 per cent of the bulk drug exports, he said here at a business networking meet on `ChemTech World Expo 2013’.
Pharma sector sales
The country’s pharmaceutical sector is gaining a global position. The domestic pharma sector sales is expected to touch $74 billion by 2020 from the current $11 billion, according to research reports.
Drugs and pharmaceuticals sector attracted foreign direct investments (FDI) worth $9,173.50 million between April 2000 to February 2012.
The meet was organised by Jessubhai Media in association with the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI).
Mr Devendra Surana of FAPCCI said Andhra Pradesh is a hub for pharma and biotech companies because of a large number of research institutes. It has managed to draw several international and domestic companies to set up their base.
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