Pharma exports probably to have double digit growth in FY17
The pharma sector is expected to see a double digit export figures for FY17.
February 10, 2017: "Pharma exports have done better than many sectorial exports and we are in near double digit growth. Last month, growth has also been good it is about 8 per cent. So I see that despite overall contraction and slowdown, pharma exports doing relatively better.
I don't think that it (double digit growth) would be possible," according to Shri Sudhanshu Pandey, Joint Secretary, Ministry of Commerce.
The pharma exports were to the tune of US$16.9 bn in 2015-16, a growth of 9.44 per cent from previous year. In terms of international trends, Brexit has not had such a great impact on pharma exports in Britain and other geographies as exports have stabilised in these regions.
With regard to promotion of research in the pharma sector, Shri Pandey stated that the Indian Institutes of Chemical Technology (IICT) will offer space to the industry for initiating a startup incubator or for conducting research work. Also NITI Aayog is working on a model, wherein government funding could be used for risk led research programmes.