The country's pharmaceutical exports reported a 9.7 per cent jump in 2015-16, with nearly 33 per cent growth in shipments to the US market, Union Commerce Secretary Rita Teaotia said today.
Pharma exports stood at Rs 96,000 crore during 2014-15.
"The country's pharmaceutical exports is one of the good stories of Indian exports. We have registered 9.7 per cent jump and 33 per cent growth in exports to US market. We see lot of growth potential of pharma exports in coming years," Teaotia told PTI after inaugurating 'iPHEX 2016' conference here.
Indian companies have managed to maintain and increase their market share in most sectors despite countries all over the world experiencing fall in exports, Teaotia said.
She added that despite several domestic companies facing the heat from USFDA last fiscal, the 33 per cent growth in US exports shows they are capable of taking on these regulatory challenges.
The three-day iPHEX 2016 an international exhibition for pharma and healthcare sector. It is jointly organised by Pharmaceuticals Exports Promotion Council of India (Pharmexcil) and Ministry of Commerce and Industry.
Generic drugs form the largest segment of the Indian pharmaceutical sector, with 75 per cent market share (in terms of revenues).
India supplies 20 per cent of global generic medicines in terms of volume, making the country the largest provider of generic medicines globally.
Over-the-counter (OTC) medicines and patented drugs constitute 21 per cent and 9 per cent share respectively of the total market revenues of USD 20 billion, Pharmexcil Chairman Ashutosh Gupta said.
"Objectives of iPHEX converges with the idea of creating business opportunities to all with a novel cause of taking care of health of citizens globally.
"Visits of regulatory officials would help to provide better insights into drug regulatory framework and understand each other's benchmarks of standards and quality compliances," Teaotia added.
Over 55 per cent of India's exports are to highly regulated markets. In order to take Indian pharma to the next level, the Commerce Ministry has taken the initiative to position the country as a hub for affordable, credible and sustainable pharmaceutical products.
Over 600 overseas business visitors from over 100 countries, including regulators, senior health officials and key representatives from NGOs, are participating in iPHEX 2016.
