Indian pharma exports may have grown at 2.2% to $15.2 billion in FY15: Pharmexcil

According to leading export promotion body of Pharmaceuticals, Pharmexcil, Indian pharma exports are estimated to have grown, but at a slower pace of 2.2 per cent to about $15.2 billion during the financial year ended March 2015 against $14.9 billion in the previous fiscal.

As suggested by leading daily, PV Appaji,  Director General, Pharmaceuticals Export Promotion Council (Pharmexcil) said the depreciation of Russian rouble, coupled with the Ukraine situation led to a de-growth of overall pharma exports, despite of a solid rise in the US market.

"In rupee terms, the exports were at Rs 96,000 crore during 2014-15. We are yet to receive the figure in dollar terms... It will be about 2.2 per cent growth," stated he, at the sidelines of a programme organised by Indus Foundation.

Last year, Appaji said that the growth in the US would be around 13 per cent despite various regulatory issues compared with 18 per cent earlier.

"Also, some of our Indian companies have opened their 100 per cent subsidiaries in other countries in which case the export of goods is shown as stock transfer," Appaji added.

He saw the contribution of Russia and other CSI countries to the overall Indian pharma exports at about 6 per cent in terms of value. However, there is a negative growth in the region last year.

Appaji said that in a bid to penetrate Japanese generic drug market, which is said to be the second-largest drug market after the US, the Indian government is trying to convince Japanese drug makers about the capabilities of Indian pharma industry through 'Brand India' campaign.

Reportedly, replying to a query on GVK Bio, which earned the wrath of the European Union for alleged violations of norms in clinical studies undertaken by the Hyderabad-based firm, Appaji said the government fully supports the firm and may take up the issue with appropriate international agencies.

On the occasion, Indus Foundation has announced for organising a global pharma expo and summit on July 23-26 in association with the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry and OMICS Group.