The Pharmexcil is likely to represent the pharma industry in the Board of Trade under ministry of commerce and industry and will regularly address the emerging issues. The Board constituting 25 government officials and 23 members from trade councils may include the chairman of Pharmexcil.
The proposal to include Pharmexcil into the Board of Trade has come at the right time when the ministry has announced that the Board would be revamped and given a clear and dynamic role. There would be continuous interaction between the Board and government in order to fulfil the objective of boosting exports. It is aimed at revitalising the Board, giving it due recognition and inducting experts on Trade Policy.
Pharmexcil is determined to organize interactive meetings for pharma industry with government and bank officials on export related matters from time to time. The council has organized its first such meet at Hyderabad on Saturday.
The growth of pharma industry is expected to be about 500 per cent in next five years, according to industry estimates. The industry is prepared to follow the patent regime and is well geared to take advantage of the emerging opportunities in the sector, according to Venkat Jasti, vice-chairman of Pharmexcil.
India is seen as one of the destinations for pharma outsourcing and is developing capability in drug discovery. Many Indian pharma companies have spread their activities all over the world and they can explore more markets in the coming years.