The proposed Pharmaceuticals Export Promotion Council (Pharmexcil) would attempt to project Indian capabilities in drug manufacturing and R&D sector abroad. Coming out of the conventional mode of functioning of export promotion councils in the country, the new council would try to market Indian strengths in pharmaceutical services sector, Venkat Jasti, president, Bulk Drug Manufacturers Association (BDMA) a moving spirit behind the idea of Pharmexcil, informed Pharmabiz.
"India has great potential to improve its export of services, particularly in the areas of collaborative research, contract manufacturing and consultancy services. The establishment of Pharmexcil has taken place in the right time," he said.
India has great potential for clinical trials and clinical research. "But to achieve this, the central government should frame good legislation, provide necessary infrastructure, set up technical committees and offer insurance coverage. GCP training must be given to the companies," Jasti explained.
Leading industrial organizations like BDMA, Indian Drugs Manufacturers Association, Organisation of Pharmaceutical Producers of India have been trying for the last several years to get a separate export council for pharmaceuticals sanctioned by the central government.
A Steering Committee for Pharmexcil headed by DB Mody, past president of IDMA with Venkat Jasti, president of BDMA and Dr Ajit Dangi, director general of OPPI as members has already been set up and is in the process of drawing up an action plan to adopt the model by laws framed by the Ministry of Commerce for all Export Promotion Institutions and complete related administrative formalities.
The current annual level of exports of Indian pharma industry is about Rs.12,000 crore with an average growth rate of approximately 20 per cent per annum. With its newly emerging capabilities, exports are likely to touch a level of Rs.60,000 crore per annum in the next three years. While, so far exports have been essentially confined to products, now there is great potential to develop export of services too from the Indian pharma industry, particularly in the areas of collaborative research, contract manufacturing, providing backup facilities for Phase I and II clinical trials and consultancy. Pharmexcil, to be set up at Hyderabad, is expected to start its operations by April 1, 2004.