Indian pharma envisages exports expansion, including in Latin American

India Brand Equity Foundation (IBEF) today announced the sustained collective efforts being made by the pharmaceutical industry and the Indian government for sustaining the export growth trajectory.

The country has made a robust commitment to implement a range of regulatory and quality measures designed to safeguard its increasing market share in developed economies, says IBEF, a Trust established by the Department of Commerce, Ministry of Commerce and Industry, government of India.

With total global exports of close to $15 billion in 2013-14, around 220 countries are sourcing pharma products from India. Argentina has recently fully opened-up its $6 billion drug market to Indian companies, increasing the scope to supply finished pharmaceuticals formulations.

With the Latin American nation now including India on the list of countries that can supply medicines to the market, India’s current contribution of around 8% to the Latin American region is expected to grow substantially in the long term.