Hyderabad: For the first time, Pharmexcil had sent delegates to Australia and New Zealand in July this year. The countries have shown interest in Indian generic formulations, nutraceuticals and veterinary products.
Previously, talking to Newsmeter, Pharmexcil Director-General Ravi Uday Bhaskar said, “The target is to reach a $21 billion market in the fiscal year 2019-20.” Subsequently, in an official announcement on Thursday, Pharmexcil announced that “Global Generics market is forecasted to grow by 4 to 5 per cent in 2019. In July 2019, Indian exports already recorded a 21.7 per cent growth with 1722 million US dollars exports. The cumulative growth of
Indian exports for the period of April-July 2019 is 13 per cent. As of June 2019, India’s generic pharmaceutical exports have grown almost 2.7 to 2.8 times faster than the market and hence we are expecting to touch $21 billion in the fiscal year 2019-20.”
International Regulators Meet is scheduled for September 19 and 20 at Taj Krishna, Hyderabad. The Pharmexcil objective is, “International Regulatory Convergence to Promote Accessibility and Affordability of Quality Medicines”.
“With a focus on the major export destinations to have wide networking and global outreach, Pharmexcil invites the Food & Drug Regulatory officials from all regions,” said Pharmexcil. Ministry of Commerce & Industry supports Pharmexcil for all its operations.
Pharmexcil provided details about Indian pharmaceutical companies’ growth in the international market. US market is continuing its trend with 28 per cent growth. In the first quarter, exports to China and Japan also increased by 37 and 32 per cent respectively. Exports to Iran grew at 169% with 58.68 million US dollars.