An update provided by the India Brand Equity foundation (IBEF) and the Pharmaceuticals Export Promotion Council (PHARMEXCIL) has shown that the country’s generic exports are expanding by approximately 22% per year.
As per the data, India’s branded generic sector boasts a value of $12bn accounting to 98% of the marketplace.
The exports cover more than 60,000 brands and 60 therapeutic classes and form about 20-22% of the world’s production.
With pharmaceutical exports reported to have expanded to $16.84bn in 2016-17, the country supplied 34% of its total exports to the US and 15% to European Union (EU).
Pharmexcil director general Ravi Udaya Bhaskar said: “A key driver for this growth is India’s extensive product portfolio, which provides the capability to manage and treat any ATC (anatomical therapy classification) – to the same quality as the innovators – at highly affordable costs.”
The country is reported to have contributed up to 50% of new drug master files (DMFs) per year over the past ten years and supported numerous abbreviated new drug applications (ANDAs) filed by various US and EU firms.
Additionally, India has achieved 30%-50% of the total certificate of suitability (CEPs) between 2013 and this year and is said to be the first country to file generic drugs in both the US and the EU.
Bhaskar further noted: “Moreover, government policies are directed at increasing infrastructure facilities to help enable manufacturing to reach its highest potential, with pharma exports expected to reach $20bn by 2020.”
Image: New update estimates India’s generic exports to be about $20bn by 2020. Photo: courtesy of Serge Bertasius Photography/FreeDigitalPhotos.net.