The Indian pharma exports are on course to clocking an 8-10 per cent increase in the current financial year thus almost maintaining the growth registered last fiscal, a senior official of the Union Ministry of Commerce and Industry said on Wednesday.
“We should be in the same vicinity,” Joint Secretary Sudhanshu Pandey said, while pointing that pharma exports were better than that of many other sectors. A near double digit growth is possible despite the overall contraction and slowdown, he added.
The official was speaking to presspersons on the sidelines of the BioAsia 2017 conclave in Hyderabad.
Total exports
According to Pharmaceuticals Export Promotion Council of India, last fiscal the exports were $16.89 billion, an increase of 9.44 per cent over the 2014-15 performance of around $15 billion. Pharmaceuticals contributed to 6.44 per cent of the country’s total exports and generics were the third largest among the principal commodities exported by the country during 2015-16.
Mr. Pandey, who earlier participated in a panel discussion at the conclave, said with the government deciding to abolish FIPB new guidelines would be introduced to regulate foreign investment in pharma industry. Hitherto, 100 per cent foreign direct investment was allowed in Greenfield as well as Brownfield pharma projects.
Listing measures of the government to support from pharma industry, he said it is “looking to” create a VC fund and had paved the way industry-academic collaboration as part of which the Indian Institute of Chemical Technology has started offering space to pharma firms to set up incubators or joint research facilities.
