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Pharmaceutical exports decreased marginally to an estimated $16.4 billion during the financial year ended March 31, 2017.
"There was no growth in pharma exports during 2016-17 compared to exports worth $16.89 billion during 2015-16," Uday Bhaskar, Director-General, Pharmaceutical Exports Promotion Council (Pharmexcil) said in press conference held here on Wednesday to announce IPHEX 2017.
The reasons for lack of growth in exports were price erosion and absence of blockbuster drugs, among others, for Indian pharma players, he added.
The future, however, was "bright". "There are over 700 drug makers registered with the US Food and Drug Administration (USFDA) and about 30 per cent of total Abbreviated New Drug Applications (ANDAs) are from India. This indicates that we will continue to have a lion’s share in generics,’’ Bhaskar said.
Referring to increasing issues for Indian companies in the US FDA audits in the recent past, he said with increased generic production, there could be more issues. ``But Indian industry is strong and there is no need for panic,’’ he added. Pharmexcil expects pharma exports to touch $20 billion by 2020.
The international pharma and healthcare exhibition (IPHEX) will be held in Hyderabad during April 27-29, 2017.
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