Pharma exports are likely to register 17-20 per cent growth this fiscal, touching the $12-billion mark, a top official of Pharmaceuticals Export Promotion Council (Pharmexcil) said here.
“Last year we exported $10.3-billion worth of pharma products registering 17.5 per cent growth over a year before.
We hope it (the growth) will be between 17-20 per cent in this fiscal,” Mr P.V. Appaji, Executive Director, Pharmexcil, told PTI.
India’s largest export destination is still the US followed by the UK, Germany, South Africa and Russia.
Segment-wise generics account for 58 per cent of the total exports, active pharmaceutical ingredients (APIs) 40 per cent and ayurvedic/herbal/neutraceuticals two per cent, according to industry reports.
According to international consulting firm Pricewaterhouse, by 2020 the pharmaceutical market is anticipated to be $1.3 trillion, with the E7 countries — Brazil, China, India, Indonesia, Mexico, Russia and Turkey — accounting around for one fifth of global pharmaceutical sales.
Mr Appaji said Pharmexcil has begun receiving comments on the new European directive that mandates compulsory certification by Indian authorities that the export-oriented drugs are EU complacent.
He said all the comments will be sent to the Ministry of Commerce which will initiate a dialogue with the EU.
“We have sought industry comments on the issue which will be sent to the Commerce Ministry. Then they will take up the issue. May be in 10-15 days time, we will send our comments,” Mr Appaji said.
The new directive may have significant impact on the pharma exports to EU, which accounts for 15 per cent.
“They are asking for a technical person or a competent person to sign the consignment that the Indian exporter is following EU Good Manufacturing Practices. In our country it will be the drug controller general who has to certify,” the Pharmexcil chief said.