Amid global economic concerns, the pharma exports are expected to reach USD 25 billion by 2014-15, a senior government official said today.
India is one of the top five generic drugs exporters, and maintains a positive trade balance, meeting over 90 per cent of the country's requirements, said Rajeev Kher, Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, at a convention here.
The country's pharma sector is growing at a 17 per cent CAGR for the past four years and has already touched USD 17 billion till October this year.
"Indian pharma exports are headed for a very healthy growth in generic and API exports and efforts are on to improve the foothold of traditional medicine exports," Kher said.
"Pharma exports by the end of 2014-15 are expected to reach USD 25 billion. The Indian pharma industry is also covering a lot of ground in bio pharmaceuticals at a rapid pace," he said.
Kher said that generic market segment is increasing worldwide faster than branded drug segment. "The market size of drugs losing patent protection was USD 270 billion in 2011 and is expected to go to USD 430 billion by 2016."
He further said the domestic industry is gearing up in a big way, with more and more people likely to be covered by various health benefit policies.
About improving the competitiveness, Kher said, "Industry is expected to take advantage of opportunities like contract research and contract manufacturing, and opening up of generic market opportunities in countries such as Japan, Spain, China, CIS etc."
The challenges before the Indian Pharma industry include EU's new directive on falsified medicines, USFDA's increased cost of operations and China's non-tariff barriers, he said, adding that to mitigate them, the government will carry forward Brand India Pharma campaign, launched recently.