Latest News | Pharma Exports Expected to Touch $28 Billion in FY 24, Says Pharmexcil Chief

Hyderabad, Jun 20 (PTI) Indian pharma exports may touch USD 28 billion during the current fiscal against USD 25.39 billion in FY 23, Udaya Bhaskar, Director General of 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 cloaked over 10 per cent and 0.7 per cent growth in April and may respectively.

Also Read | RRB NTPC Result 2023 Out at indianrailways.gov.in; Railway Recruitment Boards Declare NTPC Results for Various Posts, Get Direct Link to Official RRBs and Know How To Check.

"In FY 23 we exported USD 25.39 billion worth of pharma goods with 3.25 per cent growth. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges," Bhaskar said replying to a query.

"I am ambitious that we may touch around USD 28 billion in FY 24. That is my expectation," he further said.

Also Read | ESIC Reveals 17.88 Lakh New Workers Added Under ESI Scheme in April 2023.

Justifying the target the official said the US market which has over 31 per cent share in over all exports last year has stabilised and it is positive sign indicating continuous growth.

The exports from Commonwealth of Independent States (Russia and others) was down by 8.42 per cent to USD 1.15 billion due to disturbances in some countries, he said.

To another query, he said the US Food and Drug Administration officials inspection on Indian manufacturing sites have not picked up and is 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, Bhaskar said.

The ninth edition of IPHEX, is a special edition being organised on the occasion of G20 presidency by India, with exhibition, business meetings and an exclusive “G20 focussed CEOs Round Table” inviting delegates from over 120 countries, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)