BackEU ban to cost India pharma exports worth $1-$1.2 billion
Commerce ministry is expected to discuss implications of EU's decision and steps that need to be taken
Premium
Hyderabad: India could lose about $1-1.2 billion worth of pharmaceutical exports due to the decision taken by the European Commission to ban 700 generic drugs for alleged manipulation of clinical trials by the Hyderabad-based contract research organization GVK Biosciences Pvt. Ltd, said a top executive of the Pharmaceutical Export Promotion Council (Pharmexcil).
The European Commission is the executive body of the European Union (EU) responsible for proposing legislation and implementing decisions.
“We estimate the impact of the European Union ban to be around $1 billion to $ 1.2 billion," said P.V. Appaji, director general of Pharmaexcil, an agency under the Union Ministry of Commerce and Industry, on the sidelines of an industry event in Hyderabad.
India exported $15.4 billion or ₹ 94,275 crore worth of pharmaceutical products in 2014-15, with Europe accounting for 20% or $3 billion.
Out of $3 billion, formulations or generic drug exports constituted about $1billion and active pharmaceutical ingredients formed $2 billion, Appaji said.
Appaji said the commerce ministry is expected to discuss the implications of this decision and the steps that need to be taken in meetings over the next two days.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
