Pharmexcil, a body under Union Commerce Ministry has said the pharmaceutical exports from the country are expected to cross USD 19 billion in worth during the current fiscal.
Uday Bhaskar, Director General, Pharmaceuticals Export Promotion Council (Pharmexcil), said pharma exports fetched $ 17.27 billion in the previous fiscal and this year it was expected to be between $ 19 billion and $ 20 billlion.
During the first quarter of the current fiscal, pharma exports clocked an increase of 17.76 per cent to $ 4.6 billion against $ 3.9 billion during the corresponding quarter a year ago, he said.
“Last year we had 2.92 per cent growth in Pharma exports. We are expecting that we may reach $ 19 billion to $ 20 billion in the year 2018-19. Old markets are getting revived and we are also entering into new markets,” Bhaskar told.
He said most of the issues with regards to the United States Food and Drug Administration (USFDA), which had impacted exports from India in the first five months of last fiscal, were getting resolved.
“Chinese market is also opening up. We are working on that. China has removed tariff on certain cancer drugs. All these create conducive atmosphere for Indian drug exporters,” he said.
Bhaskar said Pharmexil had been advising drug manufacturers in the country to look for emerging markets to offset the US impact.
North America, the largest market for Indian Pharma exporters, witnessed a negative growth of 7.35 per cent to $ 5.35 billion in FY 18 against $ 5.77 billion in the previous year.