MNCs campaigning against Indian generics in Africa: Sharma



MNCs campaigning against Indian generics in Africa: Sharma Hyderabad: India's growing share of pharma exports in Africa have caused "concern" among MNCs, which are campaigning against generic medicines from the country, Commerce and Industry minister Anand Sharma said today.

The country's growing share of generics in Africa have "started causing concern" among MNCs which are campaigning against Indian medicines as being "counterfeit and substandard", Sharma said while addressing the Indo-Africa Pharma Business Meet here.

He said India's export of drugs, pharmaceuticals and fine chemicals have registered 29 per cent growth at Rs 39,538 crore during 2008-09 over the previous year and that Indian companies have established their lead in most of the markets, including Africa.

"In recent times, the Indian Pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising form a negligible amount in early 1990s to Rs 29,139 crore (USD 7.24 billion by 2007-08," Sharma said.

He added, "The exports of drugs, pharmaceuticals and fine chemicals of India have grown at a compounded annual growth rate of 17.8 per cent during the five year period from 2003-04 to 2007-08."

Bureau Report