Indian generically similar drugs reach almost all corners of the world and over 50 per cent of exports worth $14.5 billion are shipped to highly regulated markets including the United States and the European Union, with Japan also holding out much potential, said Pharmexcil Chairman Ashutosh Gupta.
Looking to reinforce India’s capabilites as a dependable and affordable source of medicines for the world, Pharmexcil or the Pharmaceuticals Export Promotion Council of India has organised iPhex 2014, a three-day event to showcase local drug companies.
The event comes even as questions are raised on the manufacturing facilities of certain Indian drugmakers by the US drug regulator, for instance.
The Indian Commerce Ministry has said that the problems arose largely due to paper work and not because of the quality of the Indian drugs.
“Even in the area of following global best practices on the paper work, the Indian companies will not be found wanting irrespective of the size of the companies, big or small," Gupta added.
“Business orders worth several hundred crores are expected to be bagged by Indian exhibitors of drugs and also the manufacturers of drug-making machinery at the exhibition as the country has also emerged as an international manufacturer of the pharma machinery for production of pharmaceutical products,” said Pharmexcil Director-General PV Appaji. Last year’s event had generated over Rs 1,000 crore business, he added.
Over 500 global companies and regulators are participating in the event, taking place at present in Mumbai.