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Pharmexcil seeks urgent solution to issues related to market access & exports to China and Hong Kong
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Shardul Nautiyal, Mumbai
February 16 , 2024
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The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has sought immediate solutions to the issues related to market access and a significant downturn in pharmaceutical exports to China and Hong Kong.
In a proactive move, Pharmexcil has initiated a concerted effort to confront the market access issues plaguing the sector, urging member exporters to contribute their insights and solutions.
The Northeast Asia (NEA) region, hailed as the epicenter of the global generic market, has seen China emerge as a powerhouse in pharmaceutical manufacturing, boasting the largest production capacities for generics and active pharmaceutical ingredients (APIs). However, despite the region's promising growth forecast of 11.78%, recent export data paints a bleak picture for Indian pharmaceutical exports, with a staggering 8% decline recorded from April to December 2023.
Against this backdrop, Pharmexcil has taken proactive measures to galvanize the Indian pharmaceutical industry into action. Speaking on the urgency of the situation, Pharmexcil director general (DG) Udaya Bhaskar has emphasized that the current downturn in exports to China and Hong Kong demands swift and decisive action. Pharmexcil is committed to spearheading collaborative efforts to identify and mitigate the root causes of this export slowdown.
The initiative comes in the wake of India's commendable export performance in the NEA region during the 2022-23 period, where exports soared to USD 864 million, marking a robust growth rate of 7.51% and contributing significantly to total exports. However, the recent downturn underscores the need for proactive intervention to safeguard India's foothold in these crucial markets.
In a bid to gather comprehensive feedback from industry stakeholders, Pharmexcil has urged the Indian exporters to provide insights about the market impediments hindering pharmaceutical exports to China and Hong Kong.
The Pharmexcil DG has reiterated Pharmexcil's unwavering commitment to fostering the growth and competitiveness of the Indian pharmaceutical sector. “As the Indian pharmaceutical sector braces for the road ahead, Pharmexcil's proactive stance signals a rallying cry for industry stakeholders to unite in surmounting the market access challenges in China and Hong Kong,” he stated.
In light of these concerning statistics, DG while underscoring the imperative need for collective action has said that India's pharmaceutical prowess must not be hampered by impediments in market access. It is incumbent upon us to identify and address the root causes of this export slowdown promptly. As the Indian pharmaceutical sector braces itself to navigate the complexities of international trade, all eyes are on the collaborative efforts of industry stakeholders to pave the way for a resurgence in exports to China and Hong Kong.
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