Pharma exports likely to touch $19 billion in 2018-19: Prabhu

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Some important factors have affected exports recently, especially to the US, Suresh Prabhu said

Commerce and Industry Minister Suresh Prabhu has made a case for extending interest subsidy benefits to more products from the chemical sector to boost exports. The issue was discussed during a meeting called by Prabhu with representatives of pharma and chemical industries.

Regarding the pharma sector, the minister said some important factors have affected exports recently, especially to the US.

The issues include pressure on drug pricing due to record number of US ANDA (abbreviated new drug application) approvals, foreign regulatory issues, lack of blockbuster drugs going off patent in the recent years.

The country’s pharma exports are likely to touch $19 billion in 2018-19 from $17.27 billion in 2017-18.

The exports to the stringent regulatory authorities (US, EU, Canada, Australia, Russia) account for 51 per cent of the total shipments.

During April-December 2018, the exports stood at $13.94 billion, a growth of 9.32 per cent over the previous year.