Hyderabad, As many as 15 blockbuster drugs whose revenues worth $112 billion will go off-patent between 2023 and 2029 and the Indian pharma industry will have a growth opportunity of $10 billion in the form of generics (including complexes) said a senior official. of the Pharmaceutical Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Thursday.
Addressing a press conference, Udaya Bhaskar, CEO of Pharmexcil, also said that Indian pharmaceutical exports recorded a growth of 8.85 per cent during April-May this year to $4.73 billion, up from $4.35 billion during the same period of the previous fiscal year.
He further said that with the advent of quality concerns raised by global regulatory agencies, Pharmexcil's priority has shifted to quality management and imbibing quality culture in the industry by organizing quality development programs. capacities in the states to defend the image of Indian pharmaceuticals on the global platform.
According to the pharmaceutical export body, India has 748 manufacturing facilities approved by the US Food and Drug Administration.
He also said that the Indian pharmaceutical sector is plagued by challenges such as geopolitical tensions, supply chain issues, pricing pressures and increased scrutiny by global regulatory agencies, among others, and that the government needs to be proactive to overcome these obstacles.
"During 2023-29, 15 blockbuster drugs (including biologics) will go off-patent worth $112 billion, providing a tremendous growth opportunity for Indian pharma companies by another $10 billion." "said the official.
A senior Pharmexcil official said drugs such as Merck's $25 billion Pembrolizumab (Keytruda) and Bristol-Myers Squibb's $12 billion Eliquis (Apixaban), among others, would go off patent in the next years.
According to him, India's pharmaceutical exports grew from $3.9 billion in FY05 to $27.85 billion in FY24 and are expected to reach around $31 billion in this fiscal year.
Bhaskar said India's imports during April and May increased marginally by 1.98 per cent from $8.1 billion in FY23 to $8.26 billion in FY24.
According to him, Latin America and Africa are the geographies where India's pharmaceutical exports are focused.
Addressing a press conference, Udaya Bhaskar, CEO of Pharmexcil, also said that Indian pharmaceutical exports recorded a growth of 8.85 per cent during April-May this year to $4.73 billion, up from $4.35 billion during the same period of the previous fiscal year.
He further said that with the advent of quality concerns raised by global regulatory agencies, Pharmexcil's priority has shifted to quality management and imbibing quality culture in the industry by organizing quality development programs. capacities in the states to defend the image of Indian pharmaceuticals on the global platform.
According to the pharmaceutical export body, India has 748 manufacturing facilities approved by the US Food and Drug Administration.
He also said that the Indian pharmaceutical sector is plagued by challenges such as geopolitical tensions, supply chain issues, pricing pressures and increased scrutiny by global regulatory agencies, among others, and that the government needs to be proactive to overcome these obstacles.
"During 2023-29, 15 blockbuster drugs (including biologics) will go off-patent worth $112 billion, providing a tremendous growth opportunity for Indian pharma companies by another $10 billion." "said the official.
A senior Pharmexcil official said drugs such as Merck's $25 billion Pembrolizumab (Keytruda) and Bristol-Myers Squibb's $12 billion Eliquis (Apixaban), among others, would go off patent in the next years.
According to him, India's pharmaceutical exports grew from $3.9 billion in FY05 to $27.85 billion in FY24 and are expected to reach around $31 billion in this fiscal year.
Bhaskar said India's imports during April and May increased marginally by 1.98 per cent from $8.1 billion in FY23 to $8.26 billion in FY24.
According to him, Latin America and Africa are the geographies where India's pharmaceutical exports are focused.
