The brand promotion has been taken up by the India Brand Equity Foundation (IBEF) and Pharmaceuticals Export Promotion Council of India (Pharmexil) carrying a a tagline Pharmacy of the world to market the domestic industry globally.
Speaking to FE, PV Appaji, director general, Pharmaceuticals Export Promotion Council of India (Pharmexcil), said, We are working together to promote the Rx India label in the global markets which would include both regulated and non-regulated markets, he said.
The Indian pharma exports, which is currently at $13.4 billion, is expected to reach $25 billion by 2015, he said. It grew by 23.34% in the last fiscal. Incidentally, the total exports during the last five years grew by 16% CAGR.
While dismissing the recent incidents on the nature of Indian drugs as spurious or sub-standard, he said that the quality of drugs exported from the country adheres to the international guidelines as stipulated by country-specific regulations.
Besides, there is also a proposal by the ministry to empower the state drug departments to monitor movement of the products.
Our purpose is to develop confidence in buyers that India is a dependable source for generic formulations and promises quality and affordable prices on a sustained basis, he added.
IBEF is a trust established by the ministry of commerce along with the Confederation of Indian Industry (CII) as its associate. IBEFs primary objective is to promote and create international awareness of the Made in India label in markets overseas and to facilitate the dissemination of knowledge of Indian products and services and works closely with stakeholders across government and industry.
According to IBEF, the pharma industry is growing at 15% annually and generics is a major strength area.
Traditionally, India has been exporting to regulated markets, which majorly comprise the US and the EU apart from other regulated markets like Oceania and Japan; and the unregulated markets such as Latin America, Africa and parts of Asia.
The Japanese market, which is a $109 billion market of which generics constitute 8%, has decided to enlarge its generics portfolio. Japan today represents an opportunity for the Indian pharmaceutical industry, he said. India has also entered into an FTA with Japan, which is a conscious agreement to mutually increase cooperation in the pharma sector, he added.
A joint report prepared by the CII and PricewaterhouseCoopers says three out of the top 10 fastest growing generic companies globally are now from India. On the list are Glenmark Pharmaceuticals, Dr Reddys Laboratories and Sun Pharma.