Currently, about USD 17 billion exports form a major part of the Indian pharmaceutical industry’s turnover of about USD 33 billion. The country has built a global brand as ‘Pharmacy of the world’ with about 930 recognised pharmacy colleges, 1400 WHO GMP approved manufacturing units ,highest number of USFDA approved plants outside USA,70 per cent of the patients from 87 developing countries receiving medicines from India through global NGOs. Importantly, the most developed and regulated markets of the US and Europe, account for 35 per cent and 16 per cent respectively of India’s total pharma exports.
However, because of a combination of factors, the export growth has been rather lackluster for the last couple of years. Keeping this in mind, the Commerce Ministry along with the Pharmaceuticals and Export Promotion Council of India (PHARMEXCIL) have prepared a blue print to recapture the growth momentum by making effective intervention.
Updating on the development Mr Ravi Uday Bhaskar , Director General of the PHARMEXCIL said, “We will make the best use of our annual event iPHEX to be inaugurated by Commerce and Industry Minister Mr Suresh Prabhu, to engage with the buyers, distributors and the regulators . Several key regulators will make presentations before the exporting firms about the fast moving changes in compliance parameters and stricter specifications. This would help our exporters to upscale their quality and other standards.
Meanwhile, in a bid to recapture the growth momentum for the Indian pharmaceutical exporters, the Commerce Ministry has teamed up with PHARMEXCIL, the apex organisation which represents more than half of the USD 33 billion industry, for reaching out to global buyers and even more importantly regulators in the key markets, including the US and Europe at the flagship annual event ‘ iPHEX’ to be held between May 8 and 10 in New Delhi.
“The B2B sessions would unveil the new opportunities and the changing business paradigm in the highly developed and regulated markets. The roadmap for the new markets in Asia would also be available,” added Mr Bhaskar.
About 350 exhibitors and 600 overseas buyers along with regulators from 120 countries would participate in the event that will also witness 10,000 business visitors.