Gujarat-based pharma SMEs focus on Africa and Latin America
Pharma SMEs from Gujarat look to tap emerging economies like African and Latin American nations.
Ahmedabad, December 18, 2012: With a view to tap the high-margin markets like African and Latin American nations, small and medium sized pharma manufacturers from Gujarat have stepped up their efforts. As per estimates, these markets are growing at a compound annual growth rate of 30-35 per cent.
Gujarat-based SMEs exported pharma products worth Rs 400-500 crore in the last financial year i.e. 2011-12 and it is expected that the industry segment will grow by 15 per cent during this fiscal. Out of the total exports by pharma SMEs, close to 50-60 per cent go to the emerging markets and are growing at a pace of 30-35 per cent each year.
The rise of Gujarat-based pharma SMEs is another example of the rising acceptance of the Indian pharma products. In fact, considering that the pharma industry is already halfway through in reducing its dependence on markets like the US and Europe, the numbers prove that the industry is moving in the right direction.