Union Chemical and Fertilizers Minister Mr M.K. Alagiri has said that the centre is formulating a New Drug policy which would address the needs of the public and ensure access to affordable medicines. Speaking at a conference on Intellectual property rights: Challenges and way forward for the pharmaceutical industry organized by CII in Chennai on Wednesday, he said the government is committed to increasing public expenditure on health care. On life savings drugs, he said the industry should come forward to make available these drugs at affordable rates. The Minister said domestic production of medicines is estimated at about 1 lakh crore rupees , out of which over 40 per cent is exported. Mr Alagiri said the growth of the pharmaceutical industry has been backed by government policy and support.