Press Release Details
Brand India Pharma at CPhI Worldwide
October 9, 2012 - Madrid, Spain:
Resonating the core values that Brand India Pharma presents to the global pharmaceutical industry, Mr S R Rao, Commerce Secretary, Ministry of Commerce and Industry, Government of India, chaired the press conference attended by global pharmaceutical editors at CPhI Worldwide, Feria De Madrid today. After launching the Brand India Pharma campaign in Japan earlier in March 2012, CPhI Worldwide, being the largest pharmaceutical exhibition in the world, provides a perfect opportunity to the nation to showcase the strengths of the Indian pharmaceutical industry.
Brand India Pharma is an initiative led by Pharmexcil (Pharmaceutical Export Promotion Council) and IBEF (India Brand Equity Foundation) under the aegis of the Department of Commerce, Government of India with a view to improve the global perception of the Indian pharmaceutical industry.
Soon after the welcome remarks by Mr Greg Kerwin, Portfolio Director - Pharma, UBM Live, Mr Rajeev Kher, Additional Secretary, Department of Commerce made briefed the media emphasising on the progress made on the Brand India Pharma campaign since its launch in March this year and the current scenario of the Indian pharma industry.
"There is an innovative spirit available in the country and there are people who have the entrepreneurial skills & an innovative approach. In terms of exports, India aims to expand its presence in Africa, CIS nations, South East Asia and the most challenging markets and untapped markets like Japan and China. We are currently in a position to reach to as many countries as we can," said Mr Kher adding the fact that outside the US, India has the highest number of USFDA approved facilities.
Mr Rao shared his thoughts on the current scenario in the Indian pharmaceutical industry and the way forward for Brand India Pharma. "The India pharmaceuticals market is expected to reach US$ 74 billion in size by 2020. By the same year, the Indian pharmaceutical market will be comparable with other developed markets like those in the US and Japan with penetration levels next only to the US," said Mr Rao. "The Indian pharmaceutical industry has grown particularly strongly on the back of exports of generics and low cost drugs. This has resulted in an average revenue growth of over 20 per cent during 2004-12," he added.
India, being the largest exporter of generic formulations in volumes globally, can be expected to strengthen its footing even further with the aggressive strategy to diversify its presence to new export destinations and at the same time, expand the export base to US$ 25 billion by the end of 2014.