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The Pharmaceutical Export Promotion Council (Pharmexcil) is working jointly with the Centre for harmonisation of export norms with African countries.
This was disclosed by its Chairman M Madan Mohan Reddy at a press conference, after the inauguration of the 5th edition of pharma expo, IPHEX 2017, here on Thursday.
Harmonisation of regulations will help pharma exporters by way of providing automatic approvals, among others.
According to Dinesh Dua, Vice-Chairman of Pharmexcil and CEO of Nectar Life Sciences Ltd, regulatory harmonisation can happen at different levels such as good manufacturing practices, reciprocal inspections and Pharmacopia standards.
Africa is a $4-billion market for India, he said adding that similar exercise will also be initiated with Latin America and South-East Asia, in due course.
Raw material imports In view of Indian drug makers importing more raw materials and intermediaries from countries including China, Pharmexcil is working with industry and government to facilitate import substitution.
“We plan to identify 100 top molecules across segments to facilitate the process,” Reddy said.
R Uday Bhaskar, Director-General, Pharmaceutical Exports Promotion Council (Pharmexcil), said pharmaceutical exports decreased marginally to an estimated $16.4 billion during the financial year ended March 31, 2017 compared to the previous year.
The reasons for lack of growth in exports were price erosion and absence of blockbuster drugs, among others, he added.
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