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Drug exports have gone up by 30.7% over the previous year for the first 10 months of 2008-09 ended January 2009, backed by weak Indian currency and increased demand for low-cost generic medicines.
During the period between April 2008-January 2009, exports of Indian drug makers medicines stood at
Rs 31,608 crore recording a much higher rise over the fiscal 2007-08 when exports amounted to Rs 29,139 crore. The figures have been compiled by Pharmaceutical Exports Promotion Council (Pharmexcil), a government body that oversees drug exports.
Pharmexcil executive director PV Appaji said, “In dollar terms, pharma exports touched $6.99 billion against $6.08 billion during the same period growing at 16.4%”.
The growth comes even as exports to the US market, the world’s largest market, has shown negative in the past two months. Indian exports to the US market declined by 13% in December and January touching to Rs 1,263 crore.
Mr Appaji explained, “The US sales have been negatively affected by the US drug regulators decision to ban 30 drugs made by Ranbaxy, one of the largest exporters of Indian drugs to the country.”
For the month of January, the total exports from India also went down in terms of dollar value. In January, exports grew 11.5% to Rs 2,917 crore compared with Rs 2,617 crore in the same month last year. But, if you see in terms of dollar, exports during the month declined 10.1% to $597.38 million.
This is because of notable rise in the value of dollar against rupee which has risen almost 25% during the period. The rupee has since then strengthened investment flows into the country.
Meanwhile, Russia has edged past Germany as the second-largest market for Indian drug makers. Exports to Germany for the 10-month ended January 2009 stood at Rs 1,105 crore against Rs 1,197 crore for Russia.
Indian companies export drugs to over 200 countries, but the top 25 markets, which includes the US, Germany, Russia, China and few European and African countries, account for almost 50% of the total exports. Among the top 25 countries, exports for January declined for 18 countries in the dollar value, with the biggest drop in Germany (-34.92%), Spain (-35.21) and Brazil (-30.74%). The Economic Times
May 28, 2009
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