Concerned over slow pace of growth in pharmaceutical export from India, Ministry of Commerce has decided to develop a short term strategy to boost the pharma exports and reach the projected target at least by the year 2015.

After having reviewed the export performance of pharmaceutical exports from India, the commerce ministry has realized that it is difficult to reach the set export target $25 billion by 2014 and has decided to seek suggestions from the industry to develop a short term strategy and achieve the projected target at least by 2015.

According to statement released by the Pharmaceuticals Export Promotion Council of India (Pharmexcil), Indian pharma exports have touched $14.5 billion with nine per cent growth for the year 2012-13. Though it is considered as a positive growth in rupee terms with 25 per cent growth accounting to Rs.80,000 crore, the growth in dollar terms is considered to be low.

Though the export performance of the pharmaceutical segment has shown a positive export growth in rupee terms, the note released from Ministry pointed that the export performance in dollar terms is not satisfactory as it has drastically gone down from 22 per cent two years back to nine per cent today.

“After reviewing the performance, it is noted that the targeted figure of US$ 25 billion exports would be difficult to achieve by the projected time line of March 2014. In order to ensure achievement of the targeted US$ 25 billion at least by March 2015, (one year later), Ministry is keen to develop a short-term strategy plan,” noted the statement released from Raghuveer Kini, executive director, Pharmexcil.

Interested members and industry players who wish to send their valuable suggestions to the ministry are required to send their inputs by May 27, 2013.