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Pharmaceutical exports have grown by 15 per cent to touch $10.3 billion in 2010-11, according to Pharmaceutical Export Promotion Council (Pharmexcil).
“As per our provisional data, pharma exports had recovered from their subdued growth of 5 per cent in 2009-10, which had seen total exports of $8.8 billion,” Dr P. V. Appaji, Executive Director, Pharmexcil, told Business Line here on Monday.
Country-wise, the US continued to be the top importer of Indian pharmaceuticals, followed by the UK, Germany, South Africa and Russia.
In terms of composition, generics accounted for 58 per cent, followed by active pharmaceutical ingredients (APIs) and ayurvedic/herbal/neutracueticals at 40 per cent and 2 per cent respectively.
KEY DRIVERS
On the drivers that facilitated growth in exports, Dr Appaji said the general improvement in the economic condition of the developed world was a favourable macroeconomic factor. “The adverse impact of the global economic slowdown was felt on Indian pharma exports in 2009-10. But from last year, the situation has been improving,” he said. The increased focus of pharma majors on the US market, increase in the number of drug registrations and strong demand for Indian drugs in Africa were some of the key drivers, the official explained.
PROSPECTS
On export growth prospects, Dr Appaji said the early trends in the first quarter were ‘good'.
Apart from other countries, demand from Africa was expected to increase further this year. “A concerted effort is being taken to tackle the menace of Chinese counterfeit drugs with Indian labels in the African market. This is expected to give positive results this year,” he added.
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