Upon the advice of department of commerce, Pharmexcil is seeking information from Indian pharmaceutical exporters relating to payment delays from their overseas customers.

“There have been growing instances of payment delays by the overseas firms due to local currency depreciation and political reasons in some of the African countries. In view of this, the council has been advised by department of commerce to compile a detailed report based on which the government will find remedial measure to overcome such problems for the exporters,” informed Dr. P.V. Appaji, director general of Pharmexcil.
 
According to the DG, the pharma companies who have sent their exports to Nigeria, Angola, and Venezuela etc are facing payment delays from their overseas customers due to depreciation of local currency and political reasons in those countries. “In order to understand the gravity of the situation and to take up immediate remedial steps, department of commerce advised us to compile the data of such amounts held up in various countries and submit to them immediately. We, therefore, request the members who are facing such problems to provide us the data,” he said.

The members of the pharma exporters are advised to send in their detailed information relating to delayed payments to the council on or before April 15, 2016.