Mumbai : Indian pharma industry sees a big potential for exporting generic drugs to Japanese market, a senior industry official said.
“Japan is leading global market for patented and branded pharma products. But due to ageing population and budget constraints, it is encouraging generic drugs. We see good opportunity for exporting generics in the Japanese market,” Pharmexcil Director General Dr. Appaji told on the sidelines of the pharma event ‘CPhI & P-MEC 2016’.
Pharmaceutical Export Promotion Council of India (Pharmexcil) is the authorised agency of the government for promotion of pharmaceutical exports from India.
Appaji said the country exports its one-third pharma products to US alone. “But we are looking at more opportunities in Japan and Latin American markets,” he said.
He pointed out that in the US dollar terms, the pharmaceutical exports from India fell by over one per cent in the six months to September this fiscal as pricing pressures and a host of other factors took a big toll on the overseas shipments.
“However, the domestic market grew 12 per cent in the first six months of current fiscal,” Appaji said.
The 10th edition of CPhI India and P-MEC, one of the world’s leading pharma networking expos of UBM India, kicked off.
A total of 1,300 exhibitors and 40,000 attendees from more than 100 countries are taking part in the event.
According to a research, India is among the fastest-growing pharmaceutical markets in world and has established itself as a global manufacturing and research hub. A large raw material base and the availability of a skilled workforce give the industry a definite competitive advantage.
Indian pharma industry accounts for about 2.4 per cent of the global pharmaceutical industry in value terms and 10 per cent in volume terms. It is expected to expand at USD 55 billion by 2020.
As per industry experts, generic drugs account for 20 per cent of global exports in terms of volume, making the country the largest provider of generic medicines globally. This number is expected to grow even further in the coming years.