Economy

Indian pharmaceutical players hopeful of China's push for formulations exports

Our Bureau Ahmedabad | Updated on May 29, 2019 Published on May 29, 2019

Representative image   -  Reuters

The industry has initiated attempts to make formulations exports with an aim to replace those going from the US

Indian pharmaceuticals industry is looking with optimism at any development that may come regarding the United States (US)-China trade tensions. A continued stand-off is likely to open a vast opportunity for Indian formulations exports to China, believed industry leaders.

Though it may be a challenging task to meet the regulatory requirements of Chinese authorities, the industry has initiated attempts to make formulations exports with an aim to replace those going from the US.

"Valued at over $19 billion, India's pharmaceuticals exports are growing at a healthy rate of 11 per cent over last year. And we are expecting the growth to be higher this year at about 15 per cent. The latent potential is the Chinese market. If we are able to capitalise on the US-China trade issues it can open a vast opportunity for us to boost our formulations exports," said Raghuveer Kini, Executive Director, Pharmaceuticals Export Promotion Council of India (Pharmexcil).

Kini also informed that India will get a boost if the government takes required initiatives in the bulk-drug segment. Currently, bulk drug exports are less than 40 per cent of the overall pharmaceuticals exports from India.

According to Kini, with growing market access and increased penetration into the regulated territories such as US, Europe and South Africa, India's pharmaceuticals exports may touch $25 billion over the next 3 years.

Pharmexcil is organising seventh edition of its flagship event IPHEX in Gandhinagar during 10-12 June, 2019. The event will have over 700 global buyers from over 130 countries.

Vijay Shah, Chairman-IPHEX, said, "IPHEX is an integral part of Pharmexcil's export development market strategy. While US Accounts for almost 35% of India's exports, followed by Europe with 15% and 17 per cent to Africa, IPHEX is helping Indian companies to explore markets in Latin America, Africa, CIS and EU. China and Japan are the new frontiers for Indian pharma exports."

Published on May 29, 2019
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