The exports from Commonwealth of Independent States (Russia and others) was down by 8.42% to $1.15 billion due to disturbances in some countries, he said.
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Indian pharma exports may touch $28 billion during the current fiscal against $25.39 billion in FY23, Udaya Bhaskar, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Tuesday.
Speaking to reporters here he said during the current fiscal the exports clocked more than 10% and 0.7% growth in April and may respectively.
“In FY23 we exported $25.39 billion worth of pharma goods with 3.25% growth. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges,” Mr. Bhaskar said replying to a query.
“I am ambitious that we may touch around $28 billion in FY24. That is my expectation,” he further said.
Justifying the target the official said the U.S. market which has over 31% share in overall exports last year has stabilised and it is positive sign indicating continuous growth.
The exports from the Commonwealth of Independent States (Russia and others) were down by 8.42% to $1.15 billion due to disturbances in some countries, he said.
To another query, he said the U.S. Food and Drug Administration officials’ inspection on Indian manufacturing sites had not picked up and was yet to reach the pre-COVID levels.
He said the Ministry of Commerce is aware of the situation and is taking up the issue with the USA.
Meanwhile, the ninth edition of the International Pharma Exhibition (IPHEX), a flagship event of the Pharmexcil is being organised with the support of the Ministry of Commerce and Industry, from July 5 to 7 here.
For the last eight editions, a total of 4,500 plus foreign delegates including regulatory officials, public procurement agencies, journalists and importers from 120 plus countries, 3,500 exhibitors and over one lakh visitors attended, Mr. Bhaskar said.
The ninth edition of IPHEX is a special edition being organised on the occasion of the G20 presidency by India, with exhibitions, business meetings and an exclusive ‘G20 focussed CEOs Round Table’ inviting delegates from over 120 countries, he added.