The pharmaceutical industry in the country should efficiently adopt more cost reduction measures to sustain in the competitive era and also to pass on the benefits to the patients, said Sukhdev Singh Dhindsa, Union Minister for Chemicals and Fertilizers, while inaugurating the International Conference attached to the Chemtech + Pharma World Expo 2003, one of the largest exhibition and conference for the chemical and the pharma industry in Mumbai today.

Appreciating the achievements made by the Indian pharma industry, the minister boasted on India's future potential in the areas like generics, contract manufacturing, herbal and Ayurvedic products, cost effective research and development, contract research, biotechnology, genetic engineering, and bio-informatics. However, the minister did not announce any encouraging measures that the industry was demanding for a long time from the government in par with the fertilizer or the chemical industry.

Pointing out the negligence of government, Ajit Singh, chairman, National Advisory Board-Pharma and chairman, Associated Capsules Group said that the Union government was still giving less significance to the Indian Pharmaceutical industry, despite the fact that the latter was a higher revenue earner to it than the chemical and fertilizer segment.

Singh was speaking at the inaugural session of the Chemtech 2003 International conference. He highlighted on the good performance of Indian Pharma industry over the years and compared its performance vis-à-vis the not so good chemical and the fertilizer industry. "Today the chemical industry has got sick and the fertilizer segment is in losses despite the subsidies granted by the government," said Singh.

Despite, the pharmaceutical sector being a cash cow for the government, it was not willing to tender concessions like tax cuts or an emphasized decontrol on the pricing front, he observed. By 2005, Indian Pharma exports will beat the domestic consumption in terms of sales.

The conference will continue till January 25 covering the various facets within the Pharma, biotech and the chemical industry. Union petroleum minister Ram Naik, Reliance Industries Chairman Mukesh Ambani, were the key speakers at the inaugural session of the conference. An exhibition on pharma and allied sectors will be simultaneously held with the conference till January 25.