"Last year all of us exported $10. 3 billion worth of pharma products registering 17. 5% growth on the year before. We hope it (the growth) will be between 17-20% with this fiscal, " PV Appaji, Executive Director, Pharmexcil told PTI.
India's largest export destination continues to be the USA followed by the UK, Germany, South Africa and Russia. Segment-wise generics take into account 58% of the total exports, active pharmaceutical ingredients (APIs) 40% and Ayurvedic/herbal/neutracueticals 2 percent, according to industry reports.
According to international consulting firm Pricewaterhouse, by 2020 the pharmaceutical market is expected to be at $1. 3 trillion, with the E7 countries -- Brazil, The far east, India, Indonesia, Mexico, Russia and Turkey -- accounting around for a 5th of global pharmaceutical sales.
Appaji said Pharmexcil has begun receiving comments about the new European directive that mandates compulsory certification by Indian authorities that the actual export-oriented drugs are EU complacent.
He said all the comments will be delivered to the Ministry of Commerce which will initiate a dialogue with the EUROPEAN UNION.
"We have sought industry comments on the issue which will be delivered to Commerce Ministry. Then they will take up the issue. May be within 10-15 days time, we will send our comments, " Appaji said.
The brand new directive may have significant impact on the pharma exports to EU, which makes up about 15%.
"They are asking for a technical person or a competent person to sign the consignment how the Indian exporter is following EU Good Manufacturing Practices. In our country it will likely be drug controller general who has to certify, " the Pharmexcil chief stated.