India recognised as pharmacy of world as we produce affordable drugs: Finance Minister Nirmala Sitharaman

India supplies about 50 percent of all of Africa's demand for generic medicine, 40 percent of USA's need for generic medicine, and 25 percent of the UK's requirement of all medicines, she said at the 35th annual convocation of The Tamil Nadu Dr MGR Medical University here.

Besides, she said India produces about 60 percent of global vaccines and 70 percent of the World Health Organisation's vaccines for essential immunisation schemes.

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With regard to medical tourism, she said, it is estimated to be around USD 9 billion which makes it stand at 10th position in the Global Medical Tourism Index.

Approximately two million patients visit India each year from 78 countries for medical, wellness, and IVF treatments, Sitharaman said.