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Indian pharma exports to touch $22 billion this fiscal, Q1 exports stand at $5 billion
- September 16, 2019
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Indian pharmaceutical exports are likely to touch $22 billion this fiscal largely owing to improving exports to and stabilising prices in the US market, which accounts for a third of India’s pharma exports, recording over 14.5% growth over last fiscal, forecasts Pharmaceuticals Export Promotion Council of India (Pharmexcil), a part of the ministry of commerce and industry.
The other factor that was helping the Indian pharma exports was the overall economic slowdown across the globe that was compelling many economies to opt for generic drugs to substantially bring down their healthcare costs, said Pharmexcil director general Ravi Uday Bhaskar.
India’s pharma exports reported an 11% growth during the first quarter of the fiscal ending June 2019 at $5 billion, he said, adding that during July alone the Indian pharma exports saw a 21.7% growth at $1.72 billion.
While the Indian pharm industry reached a size of $40 billion last fiscal, its exports stood at $19.2 billion, reporting a 10.72% growth over previous fiscal, and contributing 5.79% to India’s merchandise exports.
Uday Bhaskar said though India’s pharma exports to the US market recorded a negative growth of 8% during FY2018, they saw a 13.72% growth last fiscal thanks to revival in the US market and price stabilisation.
He was addressing journalists in Hyderabad on Friday on the eve of the ensuing two-day ‘International Regulators Meet’ in Hyderabad from September 19th titled ‘International Regulatory Convergence to Promote Accessibility and Affordability of Quality Medicines’.
Regulators from over 25 countries have confirmed their participation in the forthcoming global meet that would focus on major export destinations, have networking and global outreach and work towards harmonisation of regulations, he said.
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