Last Updated on November 6, 2019 by The Health Master
With the common wealth independent states (CIS) region offering great potential for the Indian pharma to explore particularly in the areas of Drug formulations, biologics and bulk drug and drug intermediates, the Pharmaceutical Eport Promotion Council of India (Pharmexcil) has proposed to send a business delegation in November to explore more avenues in the CIS region.
As already India is exporting various pharmaceuticals, vaccines, Ayush and herbals to the CIS region and as these exports are showing a steady upward trend, Uday Bhaskar, director general of Pharmexcil says that CIS region has a vast potential for the Indian exporters in the near future.
India’s overall exports including Ayush, herbals, drug formulations and biologics and surgical which stood at US$ 631.90 million in 2016-17 has jumped to US$ 788.27 million in the year 2018-19, which shows an increase of US$ 167.37 million.
India’s exports in the areas of bulk drugs, drug intermediates, formulations and biologics have increased dramatically. Export of drug formulations which was recorded at US$ 541 million in 2016-17 had increased to US$ 614.12 million in 2017-18. From there on this has further increased to US$ 646.89 million in the year 2018-19.
Same is the case of bulk drugs and intermediates. The exports of which stood at US$ 40 million in 2016-17 and jumped to 65.47 million in the year 2017-18, showing a steep jump of US$ 25.47 million in just one year’s period. This has further increased to US$ 85.44 million in the year 2018-19.
Having understood that the CIS region is having great potential for the Indian pharmaceutical products, the Pharmexcil has decided to send a business delegation to the CIS countries like Armenia, Uzbekistan, Belarus and Russia in November next month. “As part of our regular programme this year also we have proposed to send a business delegation to CIS region. This is a great opportunity for the Indian players to explore the CIS markets and can build a good export network,” informed Pharmexcil DG. The proposed business delegation is expected to tour CIS region from November 10 to 23, 2019.