The Hindu Business Line : Pharma exports grow 29% in 2008-09

Indo-Africa biz meet: The Union Minister for Commerce and Industry, Mr Anand Sharma, greeting the Minister for Medical Services, Kenya, Prof Peter A. Nyongo, at the Indo-Africa pharma business meet in Hyderabad on Friday . At left is the Andhra Pradesh Chief Minister, Mr K. Rosaiah.

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Hyderabad, Sept. 25

Exports of pharmaceuticals and fine chemicals increased 29 per cent at Rs 39, 538 crore compared with the year-ago period beating recession blues.

This was disclosed by Mr Anand Sharma, Union Minister of Commerce and Industry, at the inauguration of the Indo-Africa Pharma Business here on Friday.

Exports in the sector had grown at a compounded annual growth rate of 17.8 per cent during the five-year period 2003-04 to 2007-08.

On the trade with Africa, Mr Sharma said that on the generics segment, Indian companies had established their lead in most of the markets, including Africa.

“The growing exports of India in African countries are causing concern in multinational companies who have started a false campaign that the Indian generic medicines are counterfeit and substandard. This has to be countered effectively,” he said. The Government is taking up some related issued with the European Union, he added.

On further boosting pharma exports, Mr Sharma said the recently announced Foreign Trade Policy had extended many incentives to pharma industry such as hike incentive under Focus Market Scheme from 2.5 per cent to 3 per cent and zero duty under EPCG scheme for aiding technological upgradation for the pharma sector.

The Government of India would establish National Institute of Design in Hyderabad for product designs to help entrepreneurs in various sectors, the Minister said.

Double-digit growth

Later, while, speaking to the newspersons, the Minister said the core sectors of the economy, such as consumer durables, automobiles, pharmacy and chemicals and engineering goods had registered double digit growth in the last three months.

Andhra Pradesh, with 139 pharmaceutical companies, exported drugs worth Rs 9, 000 crore in 2008-09, contributing 23 per cent of total exports from the country, Mr K. Rosaiah, the Chief Minister said. Mr Venkat Jasti, Chairman, Pharmexil, said about 40 per cent of Drug Master Files filed with US FDA were from Indian companies.

Mr Sharma also gave away exports awards of Pharmaceutical Exports Promotion Council (Pharmexcil).