India Targets $15.5 Billion Pharma Exports in 2012-13

India is looking at pharmaceutical export figures (in value terms) of around US$ 15.5 billion in the 2012-13 fiscal, which will mean an increase of around 17 per cent, in comparison to US$ 13.22 billion in 2011-12, according to Ms Mridul Jain, Joint Secretary, Ministry of Commerce and Industry. “We continue to stress on efficiency, efficacy and quality of the pharmaceutical products,” said Jain. The industry was strategically in a strong position to capitalise on some other emerging opportunities, especially manufacturing of “off patent” products or products facing patent expiries, which would compensate for some of the decreases in orders, Jain added.

She also emphasised on the Indian Government’s commitment to its policy of “zero tolerance” on quality of pharma products, and conveyed that “track and trace barcodes” have been mandated for consignments that are being exported to overseas markets as part of the ongoing efforts towards promotions and quality assurances of “Made-in-India” products. Quality of Indian pharma products is evident from the fact that around 55 per cent of Indian pharmaceutical exports are accounted for by European and American markets, which implies that most of Indian pharmaceutical products are produced in accordance with the most stringent specifications of the US FDA.