Export boosting strategy on the anvil
Indian pharma exports are expected to reach approximately US$19 billion in this FY 2018-19, accounting for more than 50% of the industry turnover.
Pharma exports for April-December 2018-19 are at US$13.94 billion, a growth of 9.32% over the previous year.
Pharma exports in 2017-18 were US$17.27 billion, said the Commerce and Industry Ministry on 26 Feb 2019.
Main components are drug formulations & biologicals US$12.91 billion and bulk drugs & drug intermediates US$3.54 billion.
Indian pharma industry plays a leading role globally, with 10% share of world production volumes and 2.4% share globally in terms of value.
The Indian pharma industry helps provide affordable healthcare through high quality yet affordable generic drugs and formulations.
Pharma exports to the stringent regulatory authorities (US, EU, Canada, Australia, Russia) account for 51% of the total exports, with the highest share of exports to US (US$5.11 billion) and EU (US$2.75 billion).
Exports to the most important and competitive markets of US and EU have grown by 8.74% and 12.88%, respectively.
India has the highest number of USFDA approved plants, outside of the US, and a large number of EU/Japan/Australia FDA approved plants too.
The Ministry gave details of exports as Minister Suresh Prabhu discussed the preparation of a strategy and an action plan with the industry stakeholders in New Delhi.
The strategy will help chemicals and pharma companies to boost exports and identify specific problems that are affecting both these industries and hampering production and exports.
During the meeting Commerce Minister said that the Ministry recognizes certain issues that need to be addressed for enhancing exports in the chemical sector.
Prabhu said the Ministry has raised to Rs.2 crore per year for supporting pharma exports through its schemes of reimbursement of product registrations abroad. It was previously up to Rs 50 lakh per year.
The enhanced scheme has additional components, which will encourage exporters to register and sell more products in new and potential markets. fiinews.com
