According to Pharmexcil Director General PV Appaji, depreciation of Russian rouble, coupled with the Ukraine situation, mainly led to a degrowth in overall pharma exports
Indian pharma exports are estimated to have grown, but at a slower pace of 2.2 percent to about USD 15.2 billion during the financial year ended March 2015 against USD 14.9 billion in the previous fiscal, said a top official of Pharmexcil, an export promotion body, here Monday.
Pharmaceuticals Export Promotion Council (Pharmexcil) Director General PV Appaji said the depreciation of Russian rouble, coupled with the Ukraine situation, mainly led to a degrowth in overall pharma exports despite a solid showing in the US market.
"In rupee terms, the exports were at Rs 96,000 crore during 2014-15. We are yet to receive the figure in dollar terms... It will be about 2.2 percent growth," he told reporters on the sidelines of a programme organised by Indus Foundation.
Appaji said the growth in the US would be around 13 percent last year despite various regulatory issues compared with 18 percent earlier.
"Also, some of our Indian companies have opened their 100 percent subsidiaries in other countries in which case the export of goods is shown as stock transfer," Appaji added. He saw the contribution of Russia and other CSI countries to the overall Indian pharma exports at about 6 percent in terms of value. However, there is a negative growth in the region last year.
Appaji said that in a bid to penetrate Japanese generic drug market, which is said to be the second-largest drug market after the US, the Indian government is trying to convince Japanese drug makers about the capabilities of Indian pharma industry through 'Brand India' campaign.
Replying to a query on GVK Bio, which earned the wrath of the European Union for alleged violations of norms in clinical studies undertaken by the Hyderabad-based firm, Appaji said the government fully supports the firm and may take up the issue with appropriate international agencies.
On the occasion, Indus Foundation announced organising a global pharma expo and summit here on July 23-26 in association with the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry and OMICS Group.