Pharma exports to touch $19 bn in FY19
Hyderabad: The overall Indian pharma exports are on their way to register double-digit growth to about $19 billion for FY2018-19 as compared to $17.26 ...
Hyderabad: The overall Indian pharma exports are on their way to register double-digit growth to about $19 billion for FY2018-19 as compared to $17.26 billion recorded in the previous fiscal, said an official of the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
The outlook for the next fiscal also will be bright asPharmexcil is focusing on tapping markets with huge potential through bi-lateral talks on the latest developments in regulations, rules and policies, including any modifications or amendments to the same, saidPharmexcilDirector GeneralRavi Udaya Bhaskar.
Speaking to The Hans India, Bhaskar said: "India which holds over 4325 Market Authorizations from USFDA and, has over 700 manufacturing units been inspected By USFDA which the highest number is outside of USAare missing out on opportunities due to lack of information as well as the regulatory process in existing and untapped markets."
"To this effect, Pharmexcil has lined up an International Business Meet for the first time in Mongolia in August prior to a buyer-and-seller meet in South Africa after 7-8 years in July," Bhaskar said, adding "nations like South Africa present Indian companies with lot of potential but they are highly regulated too."
Pharmexcil is keen on stepping up its efforts to pursue the Chinese government to fast track the registration and medicines procurement process from India. The Council is also working with the China Chamber of Commerce of Import and Export of Medicines and Health Products, said Bhaskar.
The renewed focus on China is with regard to an opportunity, in the wake of the Director General of Yunnan Provincial Foreign Affairs informing the Consulate General of India in Guangzhou about the province's interest to introduce Indian drugs to the city and the provincial health system.Indian pharma firms were asked to submit a list of products they can supply to Yunnan, along with certifications such as those from the US Food and Drug Administration (USFDA), if any.
However, Indian firms shrugged off Yunnan's proposal citing lengthy process. The response may have been better had the companies been provided with a list of products Yunnan planned to source, Bhaskar said. Lack of information as well as the regulatory process in China, especially the time taken for product registration, were issues behind the level of response, he added. Also, this is not the first instance of such a tepid response from pharma firms — they did not evince much interest when opportunities in Guiyang City were highlighted.
On August 20, 2018, Pharmexcil has entered into an agreement with The China Chamber of Commerce for lmport and Export of Medicines and Health Products (CCMHPIE) for once a year a meeting in which the representatives of Chinese and Indian regulator/Government representatives would meet to keep the other party well-informed about the latest development of regulations, rules and policies, including any modifications or amendments to the same.
This financial year, Pharmexcil is again hosting an International Business Meet in August 2019.In 2017-18, pharma exports to China rose 37 per cent to $200 million, an increase of over 37 per cent from the $145 million of the previous fiscal.