Chennai:
Indian pharmacy sector is vying for a share in the Japanese pharma market which has a 30 per cent share in $950 billion global market, besides setting up a warehouse facility in Nigeria to penetrate the African market.
Addressing a press conference here on Thursday, director general of Pharmaceuticals Export Promotion Council of India (Pharmexcil) P V Appaji said that government has launched a Brand India Pharma project to woo Japan open its pharma industry for Indian generic formulations.
Formulation, in pharmaceutics, is the process in which different chemical substances, including the active drug, are combined to produce a final medicinal product.
Currently, Indian pharmacy exports to Japan is worth $500 million. India exports $13.2 billion drugs annually and has set a target of $ 25 billion by 2016. “The initial target of $25 billion was set for 2014 but due to the global economic meltdown, the target has been pushed further to 2016,” he said.
He said the reason is that many of the countries depending on generic drugs are not getting the aid from developed nations who are hit hard by the economic crisis, he said. Interestingly, the exports of Pharmexcil had grown by 33 per cent last year, he said.
Besides Japan, Pharmexcil is also targeting China. Appaji said that this year Pharmexcil is organizing iPHEX 2013, billing it as India’s own pharmaceutical show with support from Union ministry of commerce and industry from April 24-26. “We are expecting Chinese and Japanese drug regulators to attend the expo which will also include 500 business visitors including overseas buyers,” he added.
Bhavin Mehta, committee chief of iPHEX said huge business opportunities are expected to emerge during the event. “The presence of large drug regulators from overseas market will immensely help Pharmexcil and its members to promote the quality and affordability aspects as envisaged in Brand India Pharma Campaign.
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