Ability to supply Argentina a major boost to export growth
Indian exports of pharmaceutical products are set to reach US$16.31bn in the 2014/15 fiscal year compared with $14.68bn during the year to March 2014, and are expected to touch $25bn by 2018.
According to Director General of Pharmaceuticals Export Promotion Council (Pharmexcil) PV Appaji, pharma exports recorded growth of 15% in 2013-14. Pharmexcil chairman Ashutosh Gupta said Pharmexcil was able to include Indian pharmaceutical industries in the list of Argentina’s drug importing companies. 'This was a great achievement, as Argentina is a huge pharma market and India being included in the list of drug importer companies by that country will help our pharma sector,' he said.
Once inaccessible, Argentina has opened up its $6bn drug market to Indian companies, thus expanding the scope of exports to include finished formulations rather than just raw materials.
Argentina's pharmaceuticals market is expected to touch $15bn by 2020. Of the $15bn worth of drugs that India exports annually, nearly 8% is to Latin American countries.