Hyderabad, Sept 25 (ANI): Union Minister of Commerce and Industry Anand Sharma today said that the exports of drugs, pharmaceuticals and fine chemicals for the year 2008-09 stood at Rs.39,538 crore, registering a growth of about 29 per cent over the last year.
Addressing the Indo-Africa Pharma Business meet here, Sharma said: "In recent times, the Indian pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising from a negligible amount in early 1990s to Rs.29,139.57 crore by 2007-08. 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 2003-04 to 2007-08."
He said that in generic medicines sector that is tablets and capsules, injectables and infusion, oral solutions, ointments and creams, Indian companies have established their lead in most of the markets including Africa.
"The growing export of India in African countries has started causing concern in multinational companies who have started a campaign as Indian generic medicines being counterfeit and substandard," he added.
Recognizing the contribution of Indian pharmaceutical industry in exports of the country, Sharma said that several benefits have been extended to the industry in the Foreign Trade Policy announced recently.
They are: (i) Additional resources have been made available under the Market Development Assistance Scheme and Market Access Initiative Scheme. PHARMEXCIL, the Export Promotion Council has been provided funds for Brand Promotion of Indian pharmaceutical industry in Africa under MAI Scheme.
(ii) Incentive available under Focus Market Scheme has been raised from 2.5 per cent to three per cent. Pharma sector will also benefit with this.
(iii) Incentive under Focus Product Scheme has been raised from 1.25 per cent to two per cent.
(iv) Pharmaceutical has been included in Market linked Focus Product Scheme. Thus exports to Algeria, Egypt, Kenya, Nigeria, South Africa and Tanzania will be eligible for benefit under this Scheme.
(v) Zero duty has been introduced under EPCG Scheme for aiding technological upgradation for pharma sector also. (ANI)