India shipped in US$1.4bn of food products to United States of America (USA) in 2008-09 and it’s pharmaceutical companies exported medicines worth US$1.38bn to USA in preceding fiscal, registering a 39% growth in dollar terms, said Bruce Ross, Country Director of FDA.
In his address at ASSOCHAM Knowledge Millennium Summit here today, Mr. Ross said that food products exports to US in 2008-09 mainly consisted of shrimp, cashews, spices and tea.
He exuded confidence that Indian exports of medicines and pharma products would substantially increase to USA to the best satisfaction of its people since pharma companies have been following stringent benchmarks to manufacture such products.
According to him, out of 6,300 active drug imported in USA from various parts of the world, 1700 are from Indian companies and that shows the potential for Indian pharma companies to enhancing their exports, pointed out Mr. Ross.
India ranked Fourth in exporters category of drugs to USA, contributing a share of 6% in its total medicine import. Share of India’s ranking has been 8th in food product’s exports. It’s ranking in devices exports to USA has been 25th. Devices exports comprised x-ray systems, TVs and monitors with cathode ray tubes, microwave devices, lasers, tanning beds, etc. includes electronic radiation-based medical devices. Cosmetics exports ranking has been 14 and those of animal feeds 15th.
Referring to challenges of globalization, Mr. Ross said that it has fundamentally changed the environment for regulating food and medical products as also created unique regulatory challenges for FDA.
These consisted of more foreign facilities supplying the U.S., increasing volume of imported products, more outsourcing of manufacturing and clinical trials, greater complexity in supply chains and growing complexity of products and manufacturing methods, he pointed out.
Some of the other challenges that he named included imports coming from countries with less well developed regulatory systems and greater opportunities for economic fraud.