Drugs and pharmaceutical exports from India touched an all time high of products valued Rs.21578.96 crore during the period from April to March 2006.
The pharmaceutical exports surpasses the projection of touching Rs.21,000 crore during the 2005-06 period. Drug exports have surged by about 20.8 per cent during the period in comparison to exports of about Rs.17,857.80 crore during the same period in 2005, sources with the Pharmaceutical Export Promotion Council (Pharmexcil) told Pharmabiz.
Pharmexcil had projected a growth of 25-30 per cent during the 2005-06 period.
Industry observers pointed out that despite the price pressure for generics in the US markets, the Indian pharma companies were able to get more drug approvals in the overseas markets, especially in the US and EU. Further, Indian drug manufacturers were able to improve their exports to the Latin American countries, Africa, Middle East, Australia and other emerging and untapped markets.
As reported, pharmaceutical exports from India had posted a growth of 9.3 per cent during the first half of 2005-06 to Rs 8567 crore from Rs 7835 crore during the first half of 2004-05. However, the exports to the US had declined by 1.5 per cent to Rs 1203 crore in the first half of 2005-06 from Rs 1222 crore in the similar period of last year basically due to enhanced competition in generics and stringent approval procedure.
US, Germany, Russia and UK are the main four drug exporting destinations for Indian pharma companies. India exports drugs to more than 25 countries with country wise turnover of more than Rs.100 crore. Drug exports to countries like Turkey, China, Israel Singapore and South Africa registered significant growth during last year.
It may be noted that ASSOCHEM had predicted Indian pharmaceutical exports would have potential to grow around 18 per cent to touch Rs.30,000 crore turnover during the 2007-08 period.