Date:15/05/2004 URL: http://www.thehindubusinessline.com/2004/05/15/stories/2004051500700500.htm

Back Pharmexcil now a reality

Our Bureau

Hyderabad , May 14

PHARMEXCIL, the dedicated export promotion council for the pharmaceutical industry, has become a reality with the Director General of Foreign Trade (DGFT) issuing the public notice creating the council with its headquarters located at Hyderabad.

Aimed at capitalising the emerging opportunities in the global pharmaceutical market, various pharma industry associations such as the BDMA (I), IDMA, IPA and OPPI, with the help of Government of Andhra Pradesh, have been pursuing with the Ministry of Commerce, Government of India, for the setting up of export promotion council for pharmaceuticals.

According to the DGFT notice, while the Pharmexcil would be headquartered at Hyderabad, the regional office would be located at Mumbai.

In a press release issued here on Friday, Pharmexcil said its offices were designated as the authorities to issue registration-cum-membership certificate to exporters of drugs and pharmaceuticals under the Exim policy.

Mr Dinesh B. Mody of JB Chemicals & Pharmaceuticals Ltd would act as the Chairman of the council and Mr Venkat Jasti of Suven Life Sciences Ltd as Vice-Chairman. The council said it would be finalising action plans and co-ordinating with various agencies, including the Indian missions abroad.

The council said there were immense export opportunities that exist in the drugs and pharmaceutical sector. For instance, over $50 billion worth of drugs are coming off-patent in the US in the next few years and with India having the largest number of US FDA approved manufacturing facilities outside the US, the country has tremendous potential to get a substantial share of this pie.

Similarly, with WTO inclining to allow exports to least developed countries that do not have manufacturing capabilities through Compulsory Licensing route, even unregulated markets open up tremendous opportunities for exports.