Amid global economic concerns, the Indian Pharma industry is bullish with a steep growth target. In the Pharma sector, India is one of the top five generic exporters of the world and maintains a positive trade balance, meeting over 90% of the country’s medicinal requirements, revealed Rajeev Kher, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India at South Asia’s largest pharmaceutical event, CPhI and P-MEC India in Mumbai on Wednesday.
Kher said, “Indian Pharma exports are headed for a very healthy growth in generic and API exports and efforts are on to improve the foot hold of traditional medicine exports. Pharma exports by the end of 2014-15 are expected to reach USD 25bn.
The Indian Pharma industry is also covering a lot of ground in bio pharmaceuticals at a rapid pace. Generic market segment is increasing worldwide faster than branded drug segment. The market size of drugs losing patent protection was USD 270bn in 2011 and is expected to go to USD 430bn by 2016. It is but natural to view Indian Pharma industry among the top in the next decade.”
He further said that the domestic industry is gearing up in a big way, with more and more people likely to be covered by various health benefit policies, be it insurance and with facilities offered by healthcare industry matching the best in the world.
About improving the competitiveness, he said, “India has largest pool of talented and trained personnel in the industry and is also backed with the lowest cost of operations.
This along with positive policies facilitating growth would prepare the industry to meet future challenges. Industry expected to make good of opportunities like contract research and contract manufacturing, and opening up of generic market opportunities in many countries such as Japan, Spain, China, CIS etc.”
The challenges for the Indian Pharma industry includes EU’s new directive for falsified medicines, USFDA’s increased cost of operations and China’s non tariff barriers. To mitigate the same, the government will carry forward Brand India Pharma campaign launched during CPHI Japan in March 2012.
In other major exhibitions like CPHI Southeast Asia and CPHI Worldwide in Madrid, Brand India Pharma campaign was carried forward by showcasing the capabilities of the Indian Pharma industry.
A record 926 exhibitors from 21 countries have gathered under the single roof of CPhI/P-MEC /ICSE/Bio-Ph India 3-day trade exhibition which was inaugurated on Wednesday.
The event provides an efficient platform for global pharmaceutical buyers to indentify business opportunities and meet with potential partners. Visitors from 118 countries across the globe are pre-registered for the 3 day exhibition, which will be held in 7 exhibition halls spread over 55,000 sq. mtrs. at Bombay Exhibition Centre, Goregaon.