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India’s pharmaceutical exports can cross $20 billion by 2020 even though the value of shipments to countries including the US have been hit, an industry body said.This is due to increasing interest from neighbouring countries, including China, on which India has been heavily dependent for crucial ingredients for its formulations, Ravi Uday Bhaskar, director general of the Pharma Export Promotion Council, told ET.
However, the local industry needs to focus on strengthening its ..
India’s pharmaceutical exports can cross $20 billion by 2020 even though the value of shipments to countries including the US have been hit, an industry body said. This is due to increasing interest from neighbouring countries, including China, on which India has been heavily dependent for crucial ingredients for its formulations, Ravi Uday Bhaskar, director general of the Pharma Export Promotion Council, told ET. However, the local industry needs to focus on strengthening its active pharmaceutical ingredient (API) business in addition to manufacturing generic formulations to achieve this goal, he said. An API is that part of a drug that produces its therapeutic effects
India’s pharma exports grew 2.91% to $17.27 billion in 2017-18, according to the council.
Several countries are considering policies to reduce their healthcare spending and pharmaceuticals contribute a “major share” of these expenses, according to Bhaskar. “If the governments are moving in that direction… they need to purchase generics from India,” he told ET in the run-up to the International Exhibition of Pharma and Healthcare in New Delhi this week. “The entire world is looking for alternative manufacturers of APIs as well as formulations.”

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