The Indian pharmaceutical industry should move up on the value chain to tap huge potential in the global pharma market for products like biosimilars, says R Uday Bhaskar, Director-General, Pharmaceuticals Export Promotion Council (Pharmexcil).
Addressing a press conference here on Thursday, Bhaskar said the Government should also support industry to take up Research and Development (R&D) in new and emerging areas such as biosimilars.
“The global pharmaceuticals market is valued at $1,493 billion in 2023 out of which the generics accounted for $482 billion. India, despite being labelled as the pharmacy hub of the world, accounts only for about $54 billion,’‘ the Pharmexcil DG said.
Pharma exports were increasing steadily in the last six years from $17.3 billion in 2017-18 to $27.85 billion during 2023-24 with a CAGR of 8.25 percent and is projected to reach $55 billion by 2030, according to Pharmexcil data. ”By the end of the current financial year, pharma exports may reach $29 billion,” Bhaskar said.
‘Focus on quality’
Referring to instances of alleged adulteration in some products exported from India a couple of years ago, Bhaskar said: “The brand image of Indian pharma was dented to an extent. But if there were true, why are India’s pharma products being welcomed increasingly, in about 200 countries now?” he quipped, adding that there was also a need for the drug-makers to step up and focus on quality.
Pharmexcil has also been focussing on encouraging quality better quality management and imbibing quality culture in the industry by way of organising capacity building programmes. As the CDSCO revised schedule M of regulation (concerning good manufacturing practices) will be implemented soon, the efforts of the council in educating industry ‘will add great value’ , he added.