India’s pharma exports increase by 9.7% in 2015-16

India’s pharma exports increase by 9.7% in 2015-16

India’s pharma exports up 9.7% in 2015-16, while its shipments to the US grew 33%.

The Dollar Business Bureau

Union Commerce Secretary Rita Teaotia said that India’s pharmaceutical exports have increased by 9.7 percent in the last fiscal, whereas the country’s exports to the US grew to 33 percent.

In 2014-15, the country’s pharmaceutical exports were around Rs.96,000 crore. 

“The country’s pharmaceutical exports are one of the best stories of Indian exports. We have registered 9.7 percent jump and 33 percent growth in exports to the US market. We see a lot of growth potential of pharma exports in coming years,” said Rita Teaotia, Union Commerce Secretary.

“Visits of regulatory officials would help to provide better insights into the drug regulatory framework and to understand each other’s benchmark of standards and quality compliances,” she said. 

Teaotia said that the companies in India have maintained and increased their market share in many sectors, in spite of a considerable fall in global exports.

During the last fiscal, despite facing regulatory compliances from the US Food and Drug Administration (FDA), Indian companies have shown 33 percent growth in exports. This proves their capability of taking regulatory challenges.

India is supplying 20 percent of world’s generic medicines with regards to volume, making it the largest generic medicines supplier worldwide.

“Over-the-counter medicines and patented drugs constitute 12 percent and 9 percent share, respectively, of the total market revenue of $20 billion,” Ashutosh Gupta, Chairman of Pharmexcil said.

To enhance the exports of pharmaceutical products from India, Ministry of Commerce has taken various initiatives to make the country a pharma hub of reasonable, reliable and sustainable products.