New Delhi, 2 July (IANS). According to the latest update by the Pharmaceuticals Export Promotion Council of India (Pharmaxil), India’s pharmaceuticals have increased by 7.38 percent to $ 4.9 billion on an annual basis in the April-May period of export financial year 26.
There is an authorized export promotion agency under the Ministry of Pharmacil Commerce and Industry.
Increased export of the country’s pharma sector shows that the demand for industry products is increasing globally.
Pharmaxil said that this growth came due to permanent manufacturing, expansion in presence in the global market and strategic initiatives focused on digital innovation and also reported that these efforts can strengthen the ambitious target of India’s pharma industry to achieve a trillion dollar business target.
Pharmacil chairman Namit Joshi said in a media report, “India’s pharmaceutical exports continue to grow on an annual basis and dominate drug formulations and organic products in the export category.”
Joshi further said, “We credits this growth to increasing global demand, well -organized regulatory approval, technological innovations, strategic partnerships and economic stability.”
Drug formulations and organic products stake in India’s pharma exports 75.74 percent in May.
Apart from this, exports of many form products have increased.
In May, export of bulk drugs and drug intermediate increased by 4.40 percent. Vaccine exports rose 13.64 percent to $ 190.13 million. The export of surgical goods and AYUSH and herbal products has seen an increase of 8.58 percent and 7.36 percent respectively.
According to Pharmacill, about 76 percent of India’s pharma export destinations include the North American Free Trade Agreement (NAFTA) region, Europe, Africa and Latin America.
According to Joshi, the Indo-UK Free Trade Agreement (FTA) will greatly benefit the industry. This will increase supply chains and improve access to inexpensive drugs. It will also attract direct foreign investment in contract development and manufacturing (CDMO) and joint research.
-IANS
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