Indian pharma exports to grow by 20% to over $11 billion this year

As a result of an increasing number of drugs turning off-patent and greater acceptance of generic drugs in regulated markets, pharmaceutical exports from India will reach 500 billion rupees ($11.06 billion) in the current fiscal, according to the Pharmaceutical Exports Promotion Council’s (Pharmexcil) executive director, PV Appaji.

He said that that Indian pharmaceutical exports in the last fiscal year amounted to 420 billion rupees, and he expect this to grow by 20% this year, as the sector is coming of the recession effect, reports the local newspaper the Financial Chronicle.

During 2009-10, pharmaceutical exports saw only 4.13% growth over the previous year. While the effect of slowdown on the other sectors was visible during 2008-09, pharmaceuticals witnessed it only during 2009-10. “The inventories of drugs lasted for the 2009-10 period when the slowdown was at its peak,” Mr Appaji said.