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Our Bureau

Mumbai , Jan. 23

EFFORTS are on to make Pharmexcil, the dedicated export promotion council for pharmaceuticals, operational by April 1, the Indian Drug Manufacturers Association (IDMA) said here on Friday.

A steering committee has been put in place and is scheduled to meet shortly to draw up a plan of action to get the council up and running.

The Pharmexcil steering committee is headed by Mr D.B. Mody, former president IDMA, along with Mr Venkat Jasti, President, Bulk Drug Manufacturers' Association, and Dr Ajit Dangi, Director General of the Organisation of Pharmaceutical Producers of India (OPPI), an IDMA note said.

The setting up of the dedicated council was in response to the domestic pharma industry's repeated plea for the same, given the rapidly changing global environment in which they operate.

The Union Ministry of Commerce eventually acceded to their request, provided industry raised a corpus fund of Rs 3 crore to ensure that the new institution will be financially independent.

Given the potential that the pharma sector exhibited, the Government of Andhra Pradesh agreed to put in the corpus money, provided Pharmexcil was headquartered at Hyderabad. Subsequently, the headquarters of Pharmexcil was shifted to Hyderabad, IDMA said.

Exports of the Indian pharma Industry is about Rs 12,000 crore with an average growth rate of approximately 20 per cent per annum. With its newly emerging capabilities, exports are likely to touch a level of Rs 60,000 crore per annum in the next three years.

More Stories on : Pharmaceuticals | Exports & Imports

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