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Reduced dependence on Chinese imports to create opportunities for Indian cos to expand capabilities: Pharmexcil chairman
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Shardul Nautiyal, Mumbai
November 30 , 2023
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The reduced dependence on Chinese imports will create opportunities for Indian manufacturers to expand their capabilities, innovate, and contribute to the global pharmaceutical supply chain. This shift may also lead to increased collaboration and partnerships within the Indian pharmaceutical industry, fostering a more robust and self-reliant ecosystem, said Dr. S V Veeramani, chairman, Pharmaceuticals Export Promotion Council of India (Pharmexcil).
He was speaking to Pharmabiz on the sidelines of 16th CPhI & PMEC India 2023 which is underway at the India Expo Centre in Greater Noida, Delhi-NCR. The three-day event is the largest event and began its vibrant journey on November 28, 2023. Themed "Integrate Innovation, Sustainability, and Growth," this edition is aimed to align and shape the roadmap for the next decade of Indian pharma.
There has been a 4% reduction in the import of APIs and other raw materials from China in the last one year. About 65% of the raw materials for Indian drug makers worth USD 3.5 billion are being sourced from China.
According to the Union ministry of chemicals and fertilizers, the import of APIs or bulk drugs and drug intermediates in FY21 were worth Rs. 28,529 crore, of which 68% or Rs. 19,402 crore worth imports were from China. The quantity of such imports in FY21 was 3,90,475.7 metric tonnes.
India imports 70% of its API requirements from China, particularly vitamins and antibiotics. The APIs are made through a fermentation process in which China is dominant.
“The country's move to reduce dependence on Chinese imports is a step towards building a more resilient and self-sufficient pharmaceutical sector with global competitiveness,” Veeramani further emphasized.
China, once a dominant player in the global economy, has been grappling with an economic slowdown. This downturn has created a ripple effect on various sectors, including pharmaceuticals.
Looking ahead, the active pharmaceutical ingredients (API) market in India is poised for substantial growth, projected to reach USD 29 billion (Rs. 2.4 lakh crore) by 2030 with an anticipated CAGR of 8.31%.
The 16th CPhI & PMEC India 2023 has brought together over 50,000 visitors from across the globe, more than 1,500 exhibitors showcasing 10,000+ products and representation from over 80 countries.
Sharing insights on the forward-looking stance Anil Matai, director general, OPPI said, "The Department of Pharmaceuticals (DOP) envisions an ambitious $200 billion goal. Achieving this necessitates regulatory reforms to foster industry growth, address patient needs, and promote disruptive innovation, as we learned from the pandemic. CPhI serves as a crucial platform to deliberate on achievements, challenges, and influence regulators for favourable business conditions."
On a concluding note, Yogesh Mudras, managing director, Informa Markets in India said, “With government backing, exemplified by Rs. 5,000 crore in R&D incentives, India emerges as a key leader in global healthcare development. The CPhI & PMEC India Expo, along with ancillary events during the India Pharma Week, stands as a premier global platform, fostering connections and collaborations within the pharmaceutical community."
The grand inauguration ceremony was marked by the presence of key dignitaries like Harish Jain, president of FOPE; Raja Bhanu, executive director, Pharmexcil, Margaret Ma Connolly, president & CEO - Informa Markets Asia; Chris Eve, executive vice president - Informa Markets Asia; Adam Anderson, executive vice president - Pharma, Informa Markets; Rahul Deshpande, senior group director, Informa Markets in India, and Ranjith Paul, group director, Informa Markets in India.
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