Pharma and crude drug exports have increased by 16 per cent to Rs. 3,295 crore for the quarter April-June 2003 compared to Rs. 2,846 crore for the corresponding quarter for the previous year, according to latest estimates from the Basic Chemicals and Pharmaceuticals Exports Council of India or Chemexcil.
On a month-wise basis, exports for April 2003 increased by 5 per cent to Rs. 1,082 crore compared to Rs. 1,034 a year ago. The May 2003 exports rose by 35 per cent to Rs. 1,221 crore compared to Rs. 906 for May 2002. Exports for June 2003 rose by nine per cent to Rs. 992 crore compared to Rs. 906 crore the previous June.
For the year ended March 2003, the exports of pharmaceuticals and crude drugs from India registered a 20 per cent growth to reach Rs. 11,925 crore as against an export of Rs.9, 943 crore registered in the previous year. India's exports for the year ended March 2001 was Rs. 8,874 crore, according to Chemexcil.
The Indian pharmaceutical industry today is one of the largest and most advanced among such industries in the developing countries. The industry manufactures bulk drugs belonging to several major therapeutic groups and has developed excellent facilities for production of all dosage forms.
According to the Union commerce ministry, India has the potential to emerge as a major production base for the global pharmaceutical market considering the large pool of low-cost, skilled professionals and the fact that the cost of setting up a plant in India is 40 per cent cheaper compared to developed countries.
The cost of bulk drug production in India is 60 per cent less compared to the cost in developed countries. Besides, raw materials for the Indian industry are also cheaper, making the Indian drugs industry competitive in the international drug industry.
Latin America, Western Europe and South East Asia are the newly emerging markets for Indian exports. The Latin American pharmaceutical market is currently estimated to be worth $ 25 billion and is projected to grow further to $ 29 billion by 2005.