Pharma exports up by 29% in 2008-09

Shri Anand Sharma, Union Minister of Commerce and Industry, while addressing the Indo-Africa Pharma Business Meet in Hyderabad today, has stated that the exports of drugs, pharmaceuticals and fine chemicals for the year 2008-09 stood at Rs.39,538 crore (around US $ 9.35 billion), registering a growth of about 29% over the last year. “In recent times the Indian pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising from a negligible amount in early 1990s to Rs.29,139.57 crore (US $ 7.24 bn) by 2007-08. The exports of Drugs, pharmaceuticals & fine chemicals of India have grown at a compounded annual growth rate of 17.8% during the five-year period 2003-04 to 2007-08”, the Minister added. Shri Sharma also distributed the awards to the leading exporters of the pharma sector. Chief Minister of Andhra Pradesh, Shri K. Rosaiah, was also present as the Guest of Honour at this function.

The Minister also announced the Government of India’s decision to establish National institute of Design in Hyderabad as a mark of respect to the departed Chief Minister Shri Y.S. Rajshekhar Reddy. Speaking on the occasion, Shri Sharma stated that in generic medicines sector i.e., tablets and capsules, injectables and infusion, oral solutions, ointments and creams, Indian companies have established their lead in most of the markets including Africa. He further added that the growing export of India in African countries has started causing concern in multinational companies who have started a campaign as Indian generic medicines being counterfeit and substandard.