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Pharma exports to touch $6 B by 2015: ASSOCHAM
By agencies
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Tuesday, 03 May 2005, 19:30 IST
NEW DELHI: Indian pharma exports are projected to grow to $6 billion by 2015 from the current level of less than $2 billion, provided the domestic drugs industry maintains a consistency in present export growth of 20 percent per annum, according to a white paper by industry chamber ASSOCHAM.
The white paper titled 'Indian Pharmaceutical Industry: Prospects for Growth by 2015' cited reasons such as domestic pharma companies upgrading their manufacturing facilities and adopting good manufacturing practices, besides obtaining international regulatory approvals from institutions of repute, including U.S. Federal Administration, which will propel Indian drugs export even to developed economies.
The global pharmaceuticals market today is estimated at about $357 billion against which India's share is calculated in the region of $1.5 billion or so, it said.
"The potential for growth, therefore, is enormous," said ASSOCHAM President M K Sanghi while releasing the white paper here today.
He said the projected exports of domestic pharma products will be within the range of $4 billion by 2010 which will further exceed to $6 billion by 2015 because of the strength that this industry will have acquired due to its continuous focus on up gradation and modernization.
Some of the strengths of Indian drug industry include its cost competitiveness, strong manufacturing base, well established network of labs with R&D infrastructure, strong marketing distribution network and competence in chemistry and process development, he added.