Gujarat clocked the highest growth rate at 22.4 per cent surpassing the industry growth rate, which grew by 10.9 per cent for the rest of the country.Bio-pharma is the largest sector contributing about 62 per cent of the total revenue under Biotechnology, with revenue generation to the tune of over Rs 12,600 crore (US$ 2.03 billion).
The drugs and pharmaceuticals sector attracted cumulative foreign direct investment (FDI) inflows worth US$ 12,813.02 million between April 2000 and December 2014, according to data released by the Department of Industrial Policy and Promotion (DIPP).India is expected to be the third-largest global generic active pharmaceutical ingredient (API) merchant market by 2016, with a 7.2 per cent market share.The country accounts for the second largest number of Abbreviated New Drug Applications (ANDAs).
And is the world's leader in Drug Master Files (DMFs).The country's pharmaceutical industry is expected to expand at a CAGR of 23.9 per cent to US$ 55 billion by 2020.With 72 per cent of market share, generic drugs form the largest segment of the Indian pharmaceutical sector.
Generic drugs account for 20 per cent of global exports in terms of volume, making the country the largest provider of generic medicines globally. The Government of India plans to set up a US$ 640 million venture capital fund to boost drug discovery and strengthen the industry.