Pharma sector to top Rs.60,000 crore by ''08

New Delhi: Industry body Assocham has said that the Indian pharma industry would grow at 11 per cent to touch Rs60,000 crore in 2007-08 from Rs39,000 crore in 2003-04, when drugs worth US$65bn would go off patent.

Pharmaceutical exports from India would grow at 18 per cent to touch volume of Rs30,000 crore in 2007-08 from Rs15,500 crore during 2003-04, according to a study released by Assocham in New Delhi on Tuesday.

The study also points out that globally drugs worth US$40bn would go off patent this year and another US$70bn dollar would go off patent in 2008. Indian pharma companies would then raise their stake in the world market to 30 per cent, it said.

Indian companies could leverage their strength in terms of low cost of production and availability of quality manpower as domestic production cost was 50 per cent less as compared to developed countries, it said.