Hyderabad: India’s growing share of pharma exports in Africa have caused “concern” among MNCs, which are campaigning against generic medicines from the country, commerce and industry minister Anand Sharma said on Friday.
The country’s growing share of generics in Africa have “started causing concern” among MNCs which are campaigning against Indian medicines as being “counterfeit and substandard”, Sharma said while addressing the Indo-Africa Pharma Business Meet here.
He said India’s export of drugs, pharmaceuticals and fine chemicals have registered 29% growth at Rs39,538 crore during 2008-09 over the previous year and that Indian companies have established their lead in most of the markets, including Africa.
“In recent times, the Indian Pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising form a negligible amount in early 1990s to Rs29,139 crore by 2007-08,” Sharma said.
He added, “The exports of drugs, pharmaceuticals and fine chemicals of India have grown at a compounded annual growth rate of 17.8% during the five year period from 2003-04 to 2007-08.”
The pharmaceutical industry has grown dramatically over the last few years and India is known as the pharmacy of the poor and emerged as a major hub of R&D and innovation, he said.
The Andhra Pradesh chief minister K.Rosaiah said pharma industry here has come a long way in its pursuit of excellence, growth and contribution to the economy.
Andhra Pradesh is fast turning out to be a better place for the pharmaceutical industry as initiatives such as Jawaharlal Nehru Pharma City, Shapoorji Pallonji Biotech Park, ICICI Knowledge Park and other leading research and development centers have provided the much needed impetus for the pharma majors to make investments in the state, he said.