Local pharma firms record an upside in overseas orders
Source: Times Of India
Indore: Home-grown pharmaceutical firms eye a double digit growth in exports this fiscal driven by a strong demand from Africa, Afghanistan and Commonwealth of Independent States (CIS) countries with most export oriented small and medium scale units registered good orders for advance months.
Demand for generic medicines, antibiotics and cough syrups have risen in the third quarter of the fiscal despite concerns over alleged deaths linked to Indian made cough syrups in Gambia and Uzbekistan.
R S Goswami, president, Federation of Madhya Pradesh Chambers of Commerce and Industry said, “There has been a rise in export of pharmaceutical products from India and MSME have recorded an increase in orders. Countries have a lot of dependency on India which is one of the major manufacturers of drugs in the world by volume. We have credibility in our traditional markets that helps the industry get orders.”
India is the world’s third largest manufacturer of drugs by volume after the United States and China and Madhya Pradesh’s pharmaceutical industry contributes about 5.9 per cent in the total pharmaceutical exports of the country, according to the Federation of Madhya Pradesh Chambers of Commerce and Industry.
Drug makers said, affordable pricing of drugs offered by India to the world market gives the country an edge over other countries.
Amit Chawla, vice chairman, Federation of Pharma entrepreneurs MP chapter said, “Order book is almost full for the advance months. Export demand from traditional markets Africa and CIS countries have picked up, besides we are also tapping new markets to expand our reach.”
Madhya Pradesh is a home to more than 250 pharmaceutical companies of which close to 60 units are into exports of different pharmaceutical products across the world with major supplies in middle and low income countries.
