Hyderabad: Pharma exports are likely to register 17-20% growth this fiscal, touching the $12 billion mark, a top official of the Pharmaceuticals Export Promotion Council (Pharmexcil) said here.
“Last year, we exported $10.3 billion worth of pharma products, registering 17.5% growth over a year before. We hope it (the growth) will be between 17-20% this fiscal,” Pharmexcil executive director P.V. Appaji told PTI.
India’s largest export destination for pharma products is still the United States of America (USA), followed by the United Kingdom (UK), Germany, South Africa and Russia.
Segment-wise generics account for 58% of total exports, active pharmaceutical ingredients (APIs) 40% and ayurvedic/herbal/neutracuetical products the remaining 2%, according to industry reports.
According to international consulting firm PricewaterhouseCoopers, by 2020, the size of the global pharmaceutical market is anticipated to grow to $1.3 trillion, with the E7 countries - Brazil, China, India, Indonesia, Mexico, Russia and Turkey - accounting for around a fifth of global pharmaceutical sales.
Appaji said Pharmexcil has begun receiving comments on a new European directive that mandates compulsory certification by Indian authorities that the drugs are compliant with European Union (EU) Good Manufacturing Practices. 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,” Appaji said.
The new directive may have significant impact on pharma exports to the EU, which accounts for 15% of India’s exports.
“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.