Citing example of Galpha Laboratories which has seen exports expand by 400% in the last year, CPhI report said exports are pushing ahead at remarkable rates.
Globally, the largest pharma companies in India have consolidated exports market presence. However, the second wave of Indian manufacturing firms are looking to grow beyond the $ 100-million mark and to increasingly export internationally.
One key new region to emerge for exports is Japan, a market that currently has limited overseas penetration and which is now opening its doors, the report said.
Another key area will be South and Latin America. Countries like Argentina recently removed trade barriers and are welcoming Indian imports for their healthcare economy.
Two thirds of India’s pharma industry is still coming from the SME sector and with these companies increasingly expanding into international markets, the next few years promise to see a more mature and globally dominant Indian pharma industry, report added.
In recent years, India vastly increase its capabilities, expanding from active pharmaceutical ingredient (API) manufacturing to finished dosage delivery. Furthermore, India’s API producers are now shifting towards high value, low volume work, with complex chemistry and IP challenges.
The amount of expenditure on R&D by thirty of the top pharmaceutical companies in India rose by 19.7% in the financial year leading up to March 2013.Another area that will transform over the coming years is biotechnology and biosimilars, it said.