Keen to boost India’s market share in Europe, Pharmexcil is planning to start its work on compiling a document forecasting India’s possible compounded annual growth rate (CAGR) during the next four years. This move comes in the wake of pharma being identified by the government as one of the top export sectors with high potential, which is expected to grow at a high CAGR in USD terms during the next four years.

It is in this context the government has asked Pharmexcil to prepare this forecast of possible CAGR during the next four years, considering 2015-16 as base year with a growth of 4.5 per cent of India's pharma exports to Europe. To spruce up the activities, Pharmexcil has already called upon all the stakeholders to share current statistics and market trends to aid this effort.

Council will further work on the future road map and the much anticipated forecast which is aimed at increasing the trade flow to Europe. Realising the huge market potential for pharma sector in the Europe, the government has identified it as a key market.
 
Dr P V Appaji, director general of Pharmexcil further informed that the government is also strongly considering to offer assistance to help achieve higher growth of exports. “Government as always is keen to help the industry in creating a huge market and pushing for brand India through its pro active steps globally. We are keen to work with the industry though collaboration and understanding so that we can together push Indian pharma sector in European countries,” he added.

In this matter the council has urged all the companies, being the important exporters to Europe, to provide them with inputs for the preparation in terms of possible CAGR for the next four years with a break up of API/bulk drugs and formulations separately. It as also requested the companies to identify possible products in each of the category i.e. API/bulk drugs, formulations, Ayush and herbals which has high potential in achieving faster growth taking into consideration the market dynamics like patent expiries, and possible expansion of generic sector of Europe. All growth rates are to be calculated in USD terms only.

Pharmexcil has also urged the industry to include their suggestions as well on the assistance required from government to pursue the companies set growth rates. The Council wants the companies to send their inputs at the earliest as they are expected to send in their observation early this week.