Drug exports from India crosses the Rs.60,000 crore figure
New Delhi, June 18, 2012: Drugs exports from the Indian market grew 27% to cross Rs. 60,000 crore ($10.9 billion) at the end of FY 2011-12, as per the data compiled by Pharmaceutical Exports Council of India (Pharmexcil). In fact, the export figure narrowed the gap with Indian formulations market which currently has a market size of Rs. 62,000 crore ($11.19 billion) growing at an annual rate of 15-20%.
However, it is important to note here that the export and local formulations numbers are not comparable in the sense that the exports takes into account the sale of active pharmaceutical raw materials used to make the drug. On the other end, the revenues of the domestic market only consider the branded finished medicines.
The US continues to be the biggest overseas market for the Indian drug makers, which is coincidentally also the largest drug market. The US market accounted for Rs.11,500 crore ($2.07 billion) during the April-December period in the last fiscal.
Among the local names, the Hyderabad-based Dr. Reddy’s Laboratories is the largest exporter from India. However, with Ranbaxy launching the generic version of the world’s best-selling drug Lipitor in November last year, it is expected that it will be able to spruce up its exports in the coming times. In fact, it is estimated that the company has already made Rs. 3,000 crore ($600 million) during the exclusive six-month period.