Pharma exports News

The PRIP scheme has been launched with an outlay of Rs 5,000 crore to transform India’s Pharma MedTech sector from cost- to innovation-based growth by strengthening research and promoting industry-academia linkage for research and development in priority areas in drug discovery and development and medical devices.

Commerce and Industry Minister Nirmala Sitharaman has called a meeting of export promotion councils and other sector representatives tomorrow to discuss the impact of demonetisation.

Government Tuesday assured the pharma industry of "every possible help" in resolving its issues related to exports and said efforts would be made to expedite work on different proposals to realise the full potential of the sector.

India's business loss arising from the European Union's ban on 700 generic drugs is likely to be around USD 1.2 billion, says industry body Pharmexcil.

Pharmaceutical sector has huge potential in terms of increasing exports, the Commerce Ministry is taking many measures to boost overseas shipments, a ministry official said.

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, Monday.

With Indian pharma companies facing problems in exports to countries like Japan and China, the new Foreign Trade Policy seeks to address issues related to non-trade barriers and regulations faced by them abroad.

The pharmaceutical industry continues to benefit from lower cost of research and production which aids manufacturing for exports, the report said.