New Delhi: Indian pharma exports grew by 23.34 percent in the last fiscal, Pharmaceuticals Export Promotion Council of India (Pharmexcil) said Wednesday.
"The exports growth story is one to be proud of. Total exports during the last five years have grown by 16 percent CAGR. Growth during the last financial year, 2011-12, was 23.34 percent in USD terms," Pharmexcil Director General P V Appaji said here on the sidelines an event here.
He said North America continues to be India's best export destination with a 33 percent growth during the last fiscal.
"Exports to Oceania have also grown well with a growth of 43 percent but the overall turnover is small and considering the fact that Australia and New Zealand are not yet fully tapped, higher growth rates can be expected," Appaji said.
The Indian Pharmaceutical Industry is currently valued at USD 22 billion and stands third largest in terms of volume and 13th in terms of value.
In order to promote Indian pharma sector, Pharmexcil is organising a three-day show in Mumbai next year where over 400 Indian pharmaceuticals firms are expected to showcase their products.
The show 'iPHEX 2013' is being organised in Mumbai from April 24-26, 2013 under the support of Ministry of Commerce & Industry, Pharmexcil said in a statement.
"iPHEX 2013 will be the biggest industry exposition in India showcasing the diverse range of products and will include formulations, APIs, nutraceuticals, health Services and biotechnology products," IPHEX Committee Chief Bhavin Mehta said.
IPHEX 2013 shall offer an opportunity for international buyers and regulators to come to India and evaluate Indian pharma industry, Pharmexcil said.
Apart from business visitors, the event would also see a large number of drug regulators from overseas markets. It would help Pharmexcil and its members to promote brand India the quality and affordability aspect of Indian pharmaceutical sector, it added.