Pharmexcil to compile CAGR forecast on pharma exports
The Dollar Business Bureau
Committed to enhance India’s market share in Europe, Pharmaceuticals Export Promotion Council (Pharmexcil) is planning to begin its work on preparing a document forecasting the country’s likely CAGR (compounded annual growth rate) in the coming four years. This step comes at a time when pharmaceutical sector is being recognised by government amongst the top sectors for export with high potential.
In this context, Pharmexcil has been asked by the government to compile a forecast of possible CAGR in the coming four years, keeping 2015-16 as the base year with a growth rate of 4.5 percent of the country’s pharmaceutical exports to the Europe. To speed up activities, the council has already urged all the stakeholders to provide latest statistics and market trends to support this work.
Pharmexcil will also work on preparing a future roadmap and the much sought after forecast that is aimed at boosting the flow of trade to Europe. Identifying the massive market potential for pharmaceutical sector in Europe, the government has recognised it as a major market.
Dr P V Appaji, Director General, Pharmexcil, said that the government is also keenly considering offering support to the sector in order to achieve higher exports growth.
“Government has always been willing to extend support to the industry in order to create a big market and to push brand India globally, with its proactive measures. We are looking forward to work with the industry through understanding and collaboration so that we can jointly push India’s pharmaceutical sector in the European markets,” he said.
To achieve this objective, the council has asked all the major exporters to the Europe to submit their inputs to compile possible CAGR during the next four years, with a separate segregation of API/bulk drugs and formulations.
Pharmexcil has requested the exporters to note down the possible items in every category such as API/bulk drugs, formulations, herbals and Ayush which have high possibility of achieving faster rate of growth, taking into account the market dynamics such as patent expiration, and likely expansion of generic drugs sector of the Europe. The growth rates will be computed in dollar terms only.
The council has also requested the industry to submit their inputs and suggestions at the earliest so that it can file the observations within this week.