Published on May 11, 2018
Indian pharmaceutical sector is estimated to account for 3.1-3.6 percent of the global pharmaceutical industry in value terms, and 10 percent in volume terms. India is committed to promoting its pharmaceutical exports to untapped markets, including China.
After Inauguration of the 3-day International Exhibition of Pharmaceuticals & Healthcare, or ‘iPhex’, in New Delhi, China agreeing to a high-level bilateral Round Table meeting it would clear the way for Indian companies to get greater market access and penetration in China.
China has exempted import tariffs for 28 drugs, including all cancer drugs, from May 1, which was seen as a good news for India's pharmaceutical industry and medicine export to China, as it would help in reducing trade imbalance between China and India in the future and also China would get quality drugs at much lesser prices.
Market players said that, India is planning to be the largest provider of generic drugs globally with the Indian generics accounting for 20 percent of global exports in terms of volume.