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In the words of Richard Gerster, the famous economist and activist from Switzerland, Indian pharmaceutical industry can be defined as a success story providing employment for millions and ensuring that essential drugs are available at affordable prices to the vast population of Indian sub-continent.
The Indian pharmaceutical industry has witnessed a growth rate of about 10% over the last few years and is expected to touch US$ 12 billion by 2010. Pharmaceutical industry has given employment to approximately 2.86 million people and has around 20,053 units. Globally, India is 4th in terms of volume (8% of world's production), 13th in terms of value, and 17th in terms of pharmaceutical export value.
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