Published on July 14, 2014

The Indian pharma sector is noted as the third largest in the world and on 10th July, 2014 almost the entire pharma industry was much awaiting for the Union Budget 2014-15 by the Finance Minister Arun Jaitley, according to the sources. As per the researched report, in last few years health sector was the only sector which had made progress and the market of pharma in the year 2012 had grown about 12% and in the year 2014-15 it is expected to rise by 10%.

According to the industry experts, this industry in India is vast and in the US only it holds a market share of USD 14 billion, moreover the Indian pharma industry is worth a confounding USD 12.26 billion. Moreover this year the Union budget 2014-15 is a realistic budget, growth-oriented and balanced and in the next three to four years the Finance Minister pledges of an economic resurgence with return to 7-8% GDP growth, as in past two year the GPD growth was noted below 5%. Furthermore to see how the government strategies to implement its plan to put the economy back on the fast-track, one has to take a stance of wait-and-watch.

Moreover the largest pharma manufacturing centre - Andhra Pradesh were quite let down as the Union Budget 2014-15 has no proposals of incentives to boost up exports from the State. According to the US Food and Drug Administration, one of the largest drug makers of India Sun Pharmaceutical Industries had summoned up nearly 40,000 bottles of anti-depressant Venlafaxine Hydrochloride for fading a closure test on 11th July, 2014 and the summoned was made by US subsidiary of Sun Pharma – Caraco Pharmaceutical Laboratories who have initiated to inducing some lots of Venlafaxine Hydrochloride extended-release tablets.