Pharma exports grew by 10.55 percent in FY13 to $14.6 billion from $13.2 billion in FY12. Director General of Pharmaceutical Export Promotion Council of India (Pharmexcil), P V Appaji said that despite some recent adverse developments, the sector would continue to grow and meet the health care requirements of the developing world, with the support of Pharmexcil and government in the form of Brand India Pharma project IPHEX.
On country wise exports, the US continues to remain a top destination for pharma exports in FY13 with $3.7 billion, against $3.2 billion in FY12. While, UK stood at the second place in FY13 with $511 million exports against $491 million in the previous fiscal. However, given the current market condition, India is likely to miss its ambitious target of achieving exports worth $25 billion by 2014-15 at the current trend.
Meanwhile, industry is also of the opinion that the export can grow at 20 percent easily but the delay in approvals could be the reason for not showing the usual growth. Further, even if the government clears all bottlenecks in pharma industry on a priority basis it will take another three years to reach the target.
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