Pharmaceutical exports up by 10.5% in April’2014

New Delhi: India's pharmaceutical exports grew 10.5 per cent, year-on-year, to USD 1.26 billion in April, according to the Commerce Ministry data.

"This year we are expecting a healthy rate of growth in pharmaceutical exports. Regions like Africa will help in enhancing exports," said an official.

Pharmaceutical exports registered slowest growth in last 15 years at 1.2 per cent to USD 14.84 billion in the 2013-14 fiscal year amid growing tension with the US over intellectual property rights related issues.

"2013-14 has seen slowdown in growth because of the US raising concerns and due to increase in global competition," Pharmaceuticals Export Promotion Council (Pharmexcil) Executive Director PV Appaji said.

He added however that the sector is expected to record a growth of around 12 per cent this fiscal year. A government strategy paper has fixed an overall export target for the sector at USD 25 billion 2014-15.

A report by India Ratings & Research has said that pharmaceutical exports to the US are expected to keep growing despite a spate of import alerts issued by the US Food and Drug Administration (USFDA) in 2013.

The US is the top destination for Indian pharmaceutical exports followed by the UK. America accounts for about 25 per cent of India's pharmaceutical exports. The Obama administration has been strongly criticizing India's investment climate and IPR laws, especially in the pharmaceuticals sectors.

In order to boost exports and promote brand India, the Commerce Ministry along with Pharmexcil is organising a 3-day fair from May 21 in Mumbai where over 500 international buyers from over 110 countries are participating.