Pharmaceutical exports from the country are expected to cross USD 19 billion in worth during the current fiscal despite muted growth in the North American markets, according to Pharmexcil, a body under Union Commerce Ministry.
Pharma exports fetched USD 17.27 billion in the previous fiscal and this year it was expected to be between USD 19 billion and USD 20 billion, Pharmaceuticals Export Promotion Council (Pharmexcil), Director General Uday Bhaskar said.
During the first quarter of the current fiscal, pharma exports clocked an increase of 17.76 per cent to USD 4.6 billion against USD 3.9 billion during the corresponding quarter a year ago, he said.
"Last year we had 2.92 per cent growth in Pharma exports. We are expecting that we may reach USD 19 billion to USD 20 billion in the year 2018-19. Old markets are getting revived and we are also entering into new markets," Bhaskar told PTI.
He said most of the issues with regards to the United States Food and Drug Administration (USFDA), which had impacted exports from India in the first five months of last fiscal, were getting resolved.
"Chinese market is also opening up. We are working on that. China has removed tariff on certain cancer drugs. All these create conducive atmosphere for Indian drug exporters," he said.
Bhaskar said Pharmexil had been advising drug manufacturers in the country to look for emerging markets to offset the US impact.
North America, the largest market for Indian Pharma exporters, witnessed a negative growth of 7.35 per cent to USD 5.35 billion in FY 18 against USD 5.77 billion in the previous year.
However, during the first quarter ending June 30, exports to North America registered 17.67 per cent growth to USD 1.40 billion, Bhaskar added.
The Pharmexil was also taking a business delegation to China later this month to tap the potential of the Asias largest economy following some regulatory changes in the neighbouring country, he said.
"China made zero duty on anti-cancer drugs. They also simplified product registration procedures... there are some proactive steps by the Chinese Government," he said.
Pharma exports to China during the last fiscal registered a growth of over 37 per cent to USD 200 million against USD 145.5 million in 2016-17, according to Pharmexil statistics.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)