Indian pharmaceutical industry is growing leaps and bounds, it seems. Ravi Uday Bhaskar, Director General of Pharmaceutical Export Council of India (Pharmexil) has stated that the industry is expected to export medicines and other goods worth over $25 billion in the current financial year. In 2019-20, the export figure was $20.5.
Bhaskar stated about the growth of the sector while participating in a virtual meet in connection with Global Virtual Healthcare & Hygiene Expo 2020 organised by FICCI.
Giving more details pertaining to growth of the sector, he said Indian pharmaceutical exports during the first six months were $11.38 billion, nearly 15 per cent more than that in the same period last year.
“This is significant considering that 55 per cent of Indian pharma exports is to highly regulated markets,” he was quoted saying by a Hindu Business Line report.
“During this difficult times Indian pharmaceutical industry is doing very well. The world is looking at India for two reasons. One is for generic medicine front, where we are capable of producing quality medicines at affordable prices. Secondly on Covid-19 vaccine front, most of Indian vaccine companies are working closely with academic institutions and industry outside India,” Pharmexil DG said.
Talking about ‘Aatmnirbhar Bharat’ initiative in terms of masks, PPE kits, and signification progress on vaccine front he said, “At the beginning of Covid-19, Indian industry was not capable of producing N95 maks, PPE kits and other devices required for fighting the pandemic. But now Indian industry is capable of manufacturing all these in adequate quantities.”