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| MNCs campaigning against Indian generics in Africa: Sharma |
| Press Trust of India / Hyderabad Sep 25, 2009, 21:57 IST |
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India's growing share of pharma exports in Africa have caused "concern" among MNCs, which are campaigning against generic medicines from the country, Commerce and Industry minister Anand Sharma said today.
The country's growing share of generics in Africa have "started causing concern" among MNCs which are campaigning against Indian medicines as being "counterfeit and substandard", Sharma said while addressing the Indo-Africa Pharma Business Meet here.
He said India's export of drugs, pharmaceuticals and fine chemicals have registered 29 per cent growth at Rs 39,538 crore during 2008-09 over the previous year and that Indian companies have established their lead in most of the markets, including Africa.
"In recent times, the Indian Pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising form a negligible amount in early 1990s to Rs 29,139 crore ($7.24 billion) by 2007-08," Sharma said.
He added, "The exports of drugs, pharmaceuticals and fine chemicals of India have grown at a compounded annual growth rate of 17.8 per cent during the five year period from 2003-04 to 2007-08."
Speaking on the economic growth on the sidelines of the meet, Sharma told reporters that in spite of the financial crisis "our growth stood at 6.7 per cent (in 2008-09) and hope to sustain the rate of growth though there is slowdown in exports".
Sharma referred to sectors like automobile and pharmaceuticals which did well by registering double digit growth.
Sharma said the global economic recession which emanated from the capitalist world has demonstrated the vulnerability of the developed economies which had thrived in the absence of effective regulatory mechanism.
"It is also a wake-up call for all of us in the developing world to act together and to provide for greater South-South cooperation," he said and added that this is the time for India and Africa to build on our bonds of history to develop a vibrant economic engagement.
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