Pharmaceutical Export Promotion Council

Why is in news? Pharmexcil asks firm to share details

The exporters body under the Union Commerce Ministry asked the firm to share details of the licensees and importers to whom the drugs were supplied as well as manufacturing licence copies and product permissions of the products.

Pharmaceutical Export Promotion Council: Pharmaceutical Export Promotion Council of India (Pharmexcil) is the authorized agency of the government of India for promotion of pharmaceutical exports from India.

It was set up under the provisions of Foreign Trade Policy by the Ministry of Commerce and Industry in May 2004.

Various pharmaceutical products, namely, bulk drugs, formulations, Biotech Products, Indian Systems of medicines, herbal products, diagnostics, clinical research, etc. are covered under its purview.

Pharmexcil takes up several external trade promotion activities by organizing trade delegations outside India, arranging buyer-seller meetings, international seminars, etc.

The agency's headquarters is located in Hyderabad.

The pharmaceutical industry in India was valued at an estimated US$42 billion in 2021.

India is the world's largest provider of generic medicines by volume, with a 20% share of total global pharmaceutical exports.

It is also the largest vaccine supplier in the world by volume, accounting for more than 50% of all vaccines manufactured in the world.

India – a pharmacy of world: The pharma industry in India contributes more than 20% by volume of the global generics market and 62% of the worldwide demand for vaccines.

India's domestic pharmaceutical market size was recorded at $42 billion in 2021 and is projected to expand to $120 billion by 2030.

India's top 5 pharma export destinations are USA, UK, South Africa, Russia and Nigeria.

It is also noteworthy that around 55 % of our pharma exports cater to highly regulated markets.

Major pharmaceutical hubs in India: Vadodara, Ahmedabad, Ankleshwar, Vapi, Baddi, Sikkim, Kolkata, Visakhapatnam, Hyderabad, Bangalore, Chennai, Navi Mumbai, Mumbai, Pune and Aurangabad.