India is among the fastest-growing pharmaceutical markets in the world and has established itself as a global manufacturing and research hub. A large raw material base and the availability of a skilled workforce gives the industry a definite competitive advantage. The Indian pharmaceutical industry is estimated to be worth US$ 26 billion. The industry is expected to reach US$ 45 billion by 2020 to become the sixth largest globally. India ranks third in production volume (10 per cent share) and fourteenth by value (1.4 per cent share) worldwide.
EXPORTS AND ADVANTAGE INDIA
India exports to over 200 countries. Pharmaceutical exports clocked a CAGR of 10.3 per cent to US$ 15.5 billion during 2014–15 from US$ 10.4 billion during 2010–11. The US is the largest importer of Indian products. Exports to the UK grew at 11.9 per cent between 2009 and 2010, and 2013 and 2014.
India has the highest number of plants approved by the United States Food and Drug Administration (USFDA) outside the US. Around 584 Indian companies/sites are registered with the USFDA. Several plants have also obtained regulatory approvals from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the UK; the Medicines Control Council (MCC) in South Africa; and the Therapeutic Goods Administration (TGA) in Australia.
India has one of the lowest manufacturing cost in the world. Manufacturing cost in India is approximately 35–40 per cent of that in the US as installation and workforce costs are low.
PHARMACEUTICAL EXPORT PROMOTION COUNCIL
The Pharmaceutical Export Promotion Council (PHARMEXCIL) was established in 2004 by the Ministry of Commerce and Industry, Government of India, to promote pharma exports.
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