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Pharma exports cross 1 lakh cr mark
Further consolidating India’s position as a premier hub on the global pharmaceutical landscape, pharma exports from the country crossed the coveted Rs 1 lakh crore mark for the first time in its history in last financial year. The total exports stood at Rs 94,275 crore in the preceding fiscal year (2014-15).
Hyderabad: Further consolidating India’s position as a premier hub on the global pharmaceutical landscape, pharma exports from the country crossed the coveted Rs 1 lakh crore mark for the first time in its history in last financial year. The total exports stood at Rs 94,275 crore in the preceding fiscal year (2014-15).
“Pharmaceutical exports grew by 9.8 per cent in dollar terms and by 17 per cent rupee (constant currency) terms in the last financial to reach Rs 1.12 lakh crore. This is the first time that exports have crossed the Rs 1 lakh crore mark, helped by a robust upswing in the US market,” Dr P V Appaji, Director General, Pharmaceuticals Export Promotion Council of India (Pharmexcil), told The Hans India.
According to him, the pharmaceutical exports from Telangana and Andhra Pradesh reached around Rs 33,000 crore last fiscal. He however said that the council was in the process of finalising the data and would come out with more details later.
The pharmaceutical industry had done well last year despite some actions by the US health regulator, USFDA, as the central government extended support to the sector and took up issues related to it seriously.
“Support from the union commerce ministry and Drug Controller General of India (DCGI) helped the industry to post healthy growth in last one year. Also, Indian government has maintained good relations with the US government, thereby helping the sector.
We at Pharmexcil have also taken up regulatory issues vigorously and cleared hurdles,” Dr Appaji explained.
He however maintained that the sector would face challenging times during the current financial year (2016-17).
“It’s too early to comment on the growth in this fiscal year, but the sector is in for a challenging period. The growth will mostly depend on how the US market behaves,” the Pharmexcil chief observed.
The US is the largest market for the Indian pharmaceutical industry, accounting for 28 per cent of the total Rs 94,275 crore exports in 2014-15.
The country exported pharma products worth Rs 26,345 crore ($4.3 billion) to the North American country in that financial year. India exports its pharma products to over 200 countries worldwide. They mainly comprise generic drugs, active pharmaceutical ingredients (APIs) and others.
By: P Madhusudhan Reddy
