The Government is working on promoting AYUSH products as a part of over all pharma exports on the basis of scientific research, according to Akash Taneja, Additional Director General of Foreign Trade.
He was speaking at the inaugural session of the three-day iPHEX and Global Regulators Conclave, which began on Wednesday.
After a flat growth last fiscal, Indian pharma exports back on a growth pathAs on August, exports grew by 6 per cent, and are expected to reach $27 billion in FY23
“Pharmaceutical exports have been a major contributor to over all exports of India. Post Covid, there has been growing interest in Ayurvedic products globally,” he said.
AYUSH refers to alternate systems of medicines of Ayurveda, Unani, Siddha, and Homoeopathy.
However, there are regulatory and technical challenges for export of these products, which are being looked into, the official added.
V G Somani, Drug Controller General of India (DCGI) said a global regulatory convergence would help improving innovation, affordability, and accessibility of medicines to all.
During the pandemic, there was a need to practice lessons learnt in innovation, nature of work, and regulatory flexibility, he added.
Sahil Munjal Chairman, Pharmaceuticals Export Promotion Council (Pharmexcil), said the pandemic had brought the pharma and biopharma industry to the fore and its critical and social focus.
R. Uday Bhaskar, Director General, Pharmexcil said the meet being organized in the post-Covid-19 phase to facilitate industry collaborations and harmonise regulations.
India’s pharma exports had grown 5.9 percent during April-August 2022, he said. During FY22, pharma exports stood at $24.6 billion.
About 75 regulators from 50 countries and over 400 industry representatives/exhibitors are participating in the event being organized by the Pharmexcil in association with the Ministry of Commerce and CDSCO.