MUMBAI: The country's pharmaceutical exports reported a 9.7 per cent jump and nearly 33 per cent growth in US markets in FY16, Union Commerce Secretary Rita Teaotia said today.
The country's pharma exports stood at Rs 96,000 crore during 2014-15.
"The country's pharmaceutical exports is one of the good stories of Indian exports. We have registered 9.7 per cent jump and 33 per cent growth in exports to US market. We see lot of growth potential of pharma exports in coming years," Teaotia told PTI after inaugurating iPHEX 2016 conference here.
Indian industries have managed to maintain and increase their market share in most of the sectors despite countries all over the world experiencing fall in exports, Teaotia said adding that despite the US FDA issues faced by the several domestic pharma companies last year, the huge exports growth of 33 per cent shows our companies are capable of taking challenges.
The three-day iPhax 2016 an international exhibition for pharma and healthcare opened today was jointly organised by Pharmaceuticals Exports Promotion Council of India (Pharmexcil) and Ministry of Commerce and Indusry.
Generic drugs form the largest segment, with 75 per cent of market share (in terms of revenues), of the Indian pharmaceutical sector. India supply 20 per cent of global generic medicines market exports in terms of volume, making the country the largest provider of generic medicines globally and expected to expand even further in coming years. Over the Counter (OTC) medicines and patented drugs constitute 21 per cent and 9 per cent, respectively, of total market revenues of USD 20 billion, Pharmexcil Chairman Ashutosh Gupta said.
"Objectives of iPHEX converges with the idea of creating business opportunities to all with a novel cause of taking care of health of citizens globally. Visits of regulatory officials would help to provide better insights into drug regulatory framework and understands each other's benchmarks of standards and quality compliances," Teaotia added.
Over the years, Indian pharma has earned a credible reputation and especially in generics in global market place.
India has emerged as credible source for quality and affordable medicines. Over 55 per cent of India's export is to highly regulated markets. In order to take Indianpharma to next level in the International market arena, Ministry of Commerce took initiative to position India as hub for affordable, credible and sustainable source of pharmaceutical products.
Over 600 overseas business visitors, from over 100 countries, including regulators, senior health officials, key representatives from NGOs are participating in iPHEX 2016.
Source :economictimes.indiatimes.com
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