New markets opening up for pharma exports: Drugs body

New markets are expected to drive the growth of Indian pharma exports, in spite of headwinds in the traditional US market.

Published: 11th August 2018 01:14 AM  |   Last Updated: 11th August 2018 07:01 AM   |  A+A-

Medicines

Image used for representational purpose only.

By Express News Service

HYDERABAD: New markets are expected to drive the growth of Indian pharma exports, in spite of headwinds in the traditional US market.

“For the first time, Indian pharma exports grew to $17.26 billion in financial year 2017-18. In spite of eight per cent negative growth from the US market, pharma exports in India grew by 2.92 per cent last financial year. This was possible due to new markets opening up for our pharma companies. Africa, China, and Commonwealth of Independent States markets are the potential new markets that will present growth opportunities.

Therefore, even if negative growth continues in the US market, Indian pharma companies need not worry, they only have to explore opportunities in these potential markets,” said Uday Bhaskar Reddy, Director General of Pharmaceuticals Export Promotion Council, speaking at a pharma expo in Hyderabad.

Traditionally, the US has been the top importer for Indian pharma exporters, but price erosion in North American market and regulatory hurdles have led to negative growth from this region. 

“Indian pharma industry is self-driven and things are moving in the positive direction in spite of negative growth from the US market. We always worried that if negative growth is witnessed in the US market, our overall exports will also see a dip. But it was proved in FY18 that even if negative trend continues in the US market, Indian pharma exports will rise,” Reddy said.

“There is a lot of potential in other markets. For instance, pharma exports to China grew by 37 per cent, from $137 million to $200 million last fiscal. The value may be less, but it points to new doors opening up in other territories. Chinese government has even imposed zero duty on 103 anti-cancer drugs, which will be beneficial for the Indian pharma industry. There was 18 per cent growth in pharma exports in the first quarter of FY19, which is very positive for the Indian pharma sector,” he added.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

Asian Games 2018