Pharma exports grew by 10.55 per cent year-on-year to $14.6 billion during the financial year 2012-13, a top official of industry body Pharmaceuticals Export Promotion Council (Pharmexcil) said.

During 2011-12, the exports stood at $13.2 billion.

In rupee terms, the exports registered a growth of 25 per cent to Rs 79.4 lakh crore against Rs 63.5 lakh crore during 2011-12, said P V Appaji, Director General of Pharmexcil.

“In spite of some recent adverse developments, with the support of Pharmexcil and the Government in the form of Brand India Pharma project iPHEX, the sector would continue to grow and meet the healthcare requirements of the developing world,” he told PTI.

Industry experts are of the opinion that India is likely to miss its ambitious target of achieving exports worth $ 25 billion by 2014-15 at the current trend.

The US continues to remain a top destination for pharma exports in FY’13 with $3.7 billion, against $3.2 billion in FY12. UK stood at the second place in FY’13 with $511 million exports against $491 million in the previous fiscal, according to Pharmexcil data.

Sarabjit Kour Nangra, VP Research Specialist Pharmaceuticals, Angel Broking said the industry can grow at 20 per cent easily. “Delay in approvals could be the reason for not showing the usual growth. The industry is certainly geared up to encash some of the blockbuster drugs that will be off-patented this year and next year,” Nangra said.

N Govindarajan, Managing Director, Aurobindo Pharma said, as such the industry is doing well and there will be huge price erosion when the blockbuster drugs become off-patented.

In some cases, the price erosion will be more than 80 per cent, as the value of the total generics of the patented drugs will be very less, Govindarajan added.

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