India has become the second largest market for pharmaceutical products and ingredient exports from China, next to the USA, registering a big leap of 172.44 per cent growth during the year 2005, in comparison to the previous year.
Various pharmaceutical products and ingredient exports to India from China touched over $ 300 million worth products at $ 303.88 million in 2005, a substantial increase from about $ 120 million in 2004, sources with China Pharmaceutical Industry Association (CPIA) informed Pharmabiz.
Talking on the sidelines of the API China exhibition organised by Reed Sinopharm Exhibitions at Chengdu in China, last week, Shen Xianji, vice director of CPIA said, "India has become the most important business destination for China in the field of pharmaceutical products. While the growth in exports to USA - the largest pharmaceutical exporting destination for China, was only 7.48 per cent in 2005 with a value of $ 431.55 million, the growth in exports to India has been phenomenal."
When compared to this, growth in China's pharma exports to other leading destinations were only 4.21per cent to Germany (valued $ 230.20 million), The Netherlands - 31.15 per cent ($ 133.64 million), Japan - 7.29 per cent ($ 107.03 million), South Korea with 24.89 per cent ($ 86.31 million), Italy - 33.84 per cent ($ 65.81 million), Belgium with a growth of 9.82 per cent ($ 63.30 million), Indonesia - 35.96 per cent ($ 58.98 million) and Brazil with a growth of 29.69 per cent and valued at $ 55.80 million.
CPIA sources said India also retained its position as the leading pharma import destination for China in the year 2005, with imports worth $ 57.83 million. However, the imports have declined by 2.90 per cent in comparison to year 2004. Hongkong, the second leading importer, registered a growth of 39.45% during 2005 with products valued $ 49.85 million and South Korea followed Hong Kong with a growth of 41.63 per cent with a value of $ 46.26 million. Japan ($ 45.14 million), Italy ($ 36.86 million), USA ($ 29.48 million), Germany ($ 20.17 million), Ireland ($ 13.28 million), Switzerland ($ 12.81 million) and France ($ 12.52 million) are the other leading pharmaceutical product import destinations for China. Imports from Ireland grew by 91.80 per cent and from Germany by 61.93 per cent in 2005, in comparison to the previous year, sources said.
Sources said, "Indian pharmaceutical companies view China as a major sourcing destination for various APIs, mainly due to the cost effectiveness and quality assurance offered by Chinese companies. Though numerous Indian companies have established direct sourcing contacts with Chinese API manufacturers, majority of the trade is still happening through the trading corporations and merchant exporters. China exported about 67 major pharmaceutical material and ingredients worth $2,400, million in the year 2005."
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