Pharma exports may see double-digit growth in FY17

Hyderabad: A senior commerce and industry ministry official on Wednesday said that Indian pharma exports in the current fiscal may witness a near double-digit growth similar to that of last year.

Speaking at the sidelines of BioAsia 2017 event, Sudhangshu Pandey,  joint secretary, Commerce ministry said: “Pharma exports have done better than many sectorial exports and we are in near double digit growth. Last month, growth has also been good it is about 8 per cent. So I see that despite overall contraction and slowdown, pharma exports doing relatively better. I dont think that it  (double digit growth) would be possible.”

Mr Pandey added: “We should be some way between 8 to 10 per cent. That is what is the anticipation, the Indian Pharma exports stood at $16.9 billion in the last financial year, growing at 9.44 per cent with $5.7 billion to US and $3.3 billion to Africa, as per the statistics supplied by Pharmexcil.

The exports stood at $15.4 billion in 2014-15. When asked about the possible  impact of Brexit, Mr Pandey said that the effects have stabalised for now in regards to exports in Britain or Europe.

Mr Pandey also said that the Niti Aayog is planning to set up a venture capital fund so that the government will be able to fund some of the more risker research programmes.