The Indian Pharma industry can seek greater synergy among the G20 countries as it holds the presidency of the premier forum for international economic cooperation, said D-G of Pharmexcil.
“There is a greater scope for mutual collaborations, which can result in a major push for exports. G20 countries are among the key export destinations for Indian Pharma exports,’’ R Uday Bhaksar, Director-General, Pharmaceuticals Export Promotion Council of India (Pharmexcil) told businessline.
Out of India’s total pharma exports of $25.4 billion, G20 countries accounted for $17.2 billion in FY23.
Excluding the US and European Union (without France, Italy and Germany), highest exports from India went to South Africa ($657 million), followed by Brazil ($642 million) and Russia ($573 million).
Pharmexcil has been making special efforts to harness greater potential in South Africa, Brazil and Mexico in the recent past.
According to a director of a Hyderabad based major drug-maker, there is a need to have greater regulatory convergence between European Union and markets like South Africa, and protocols have to be developed for value based products.
International Pharma Exhibition
The 9th edition of International Pharma Exhibition (IPHEX), a flagship event of the Pharmexcil, is being organised in Hyderabad from July 5 to July 7. The Ministry of Commerce and Industry is planning to use the IPHEX to tap into unexplored potential of G20 members in the pharmaceuticals sector.
“The experts participating in the meeting are likely to provide some inputs on how to enrich the existing industry linkages between India and G20 nations, with special reference to exports of pharmaceuticals,’’ Bhaskar said.
IPHEX will also witness an exclusive G20 focused CEOs Round Table, with participation of delegates from about 100 countries.