Pharmaceuticals Export Promotion Council of India (Pharmexcil) is planning to send a delegation to four Latin American Countries namely Colombia, Ecuador, Peru and Argentina from July 21 to August 3 to explore export opportunities for Indian bulk drugs, formulations and herbals.
During the last three years from 2009-10 to 2011-12, the total exports of bulk drugs, formulations and herbals from India have shown an increasing trend. And Colombia, Ecuador, Peru and Argentina have been recording consistent increase especially in the bulk drug segment. Colombia is one of the leading importers of Indian pharmaceuticals with a value of $71.18 million for the year 2011-12. While Argentina is second to Colombia with $49.02 million. Peru and Ecuador too are catching up in pharma imports with $31.86 million and $16.3 million from India.
Particularly in bulk drugs, India’s exports to Colombia have increased from $23.92 in 2009-10 to $30.52 million in 2010-11 and it stood at $38.02 million in the year 2011-12. The figures show that on an average the exports of bulk drugs to Colombia have grown over $7 million per year. In formulations though the year 2010-11 had recorded a slow and sluggish growth and overall the exports for the year 2011-12 have shown a considerable jump.
The team of Indian delegates who are expected to tour all the four countries will take part in buyer seller meets and are expected to hold meetings with concerned registration authorities, health ministry and local traders.