IPHEX 2018, the annual flagship event of the Pharmaceuticals Export Promotion of India (Pharmexcil), got underway in New Delhi today. Pharma and drug regulators from more than 120 countries and 600 overseas buyers are taking part in the three-day event.

Commerce and Industry Minister Suresh Prabhu, who inaugurated the expo, asked pharmaceutical manufacturers to increase investments in R&D and look for new markets to boost exports. He also highlighted the need to make healthcare more affordable to people by reducing costs.

The government was taking steps to boost pharmaceutical exports by seeking greater market access for India's products in countries like China, the minister said, adding that Latin American and African markets hold huge potential for Indian products.

In 2017-18, the country's pharma exports stood at about $17 billion. Last week, China had removed import duties on as many as 28 medicines, including all cancer drugs. The regulations came into force on May 1.

Commerce Secretary Rita Teaotia and Drugs Controller General of India (DCGI) S Eswara Reddy also attended the event.

Reddy said the apex drug regulator was taking steps to promote ease of doing business in the sector. The validity of World Health Organisation (WHO) Good Manufacturing Practice (GMP) certification was increased from two to three years to speed up the regulatory process, he added. The move is expected help reduce delay in the registration process and promote exports.