With the objective of replacing the exports with the United States, the Indian industry has started making efforts to make formulation exports.
The industry of Indian pharmaceuticals is on the optimistic outlook for any establishment that could possibly come from the trade tension between the two giant countries i.e. the United States and China. The continuous keeping off has the chances to open a big opportunity for the Indian formulations being imported by China, certain are the industry leaders of India.
Although it might be a risky task for meeting the regulatory demands and requirements of the authorities of China, the industry has begun making efforts to produce the formulation exports with the goal for the replacement of those that were previously going from the United States.
The Executive Director of the Pharmaceutical Export Promotion Council of India, Raghuveer Kini passed the following statement: “Priced at over $19 Billion, pharmaceutical exports of India are climbing at a fine rate of 11% over the previous year. We are anticipating that the growth will be way higher this year i.e. at about 15% which is an increase of 4% from the last year. The major potential is the market in China. If we somehow get able to make profits from the growing trade tension between the United States and China, this can open a huge door for opportunities for us to enhance our formulations exports.”
Kini also told that if the government takes the needed initiatives in the segment of bulk-drug then India will get a boost. Presently, as compared to the overall exports of pharmaceuticals from India, the export of bulk drug is less than 40% of the total.
Kini hopes that as there will be an increase in the growth of market access and the penetration of India into the controlled regions like South Africa, Europe, and the United States, the exports of pharmaceuticals of India might reach $25 billion in the coming three years.