Govt urged to formulate strategy to augment pharma exports

In its suggestions to the joint task force, the Federation of Indian Export Organisations (FIEO) has urged the government to chalk out a concerted strategy in order to step-up the export volumes of pharmaceutical products and medical equipment from the country.

"A strategic plan can help Indian firms, especially MSMEs having a significant presence in the pharma sector, engaged in the export of pharma products, medical equipment and healthcare services to increase their supplies in order to boost the country's overall export share in the global trade," said Debarati Dasgupta, senior analyst at CMC, a mid-sized research organisation in Kolkata.

Moreover, with drugs worth US$70 billion projected to go off patent in the US, lucrative opportunities are expected to open up for Indian pharmaceutical products suppliers to manufacture a considerable share of generic drugs.

"Government assistance as well as efforts undertaken by small-scale pharma companies to establish their footprint in new markets can lead to an increase in the overall share of pharma exports from India," said a senior official of the Confederation of Indian Pharmaceutical Industry (SSI), who did not wish to be named.

Furthermore, FIEO believes that the change in demographic graph and rising incidence of chronic health conditions will boost Indian exports of pharmaceuticals, medical and diagnostic equipment and health services across the globe.

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