The small and medium enterprises (SME) have seen a good growth in formulations exports this fiscal.
The small and medium enterprises (SME) have seen a good growth in formulations exports this fiscal. Pharma SMEs in the state of Gujarat, which is considered a pharmaceutical manufacturing hub and houses over 200 WHO-GMP certified manufacturing facilities, have clocked a 15-20 per cent growth in exports to semi-regulated markets this year.
R S Joshi, Executive Secretary, Indian Drug Manufacturers Association (IDMA), Gujarat State Board admitted that while the expectation of growth in exports from Gujarat was around 16 per cent, as of now, it looks like exports would manage to grow by about 11 per cent from the state.
K S Chhabra, Managing Director, Hindustan Biosynth, a Vadodara-based pharmaceutical firm said that most SMEs from the state are exporting to countries like Philippines, Sri Lanka, Thailand in the South Asia block, apart from countries like Nigeria, Kenya, Ghana in the African continent.
Further, in the backdrop of the recently implemented Drug Price Control Order (DPCO) 2013, SMEs in pharma space are also enhancing their focus on exports as the domestic market gets more competitive. In contrast, big pharma companies are increasingly coming under the scanner of the US Food and Drug Administration (USFDA).