India eyes Asean to boost pharma exports

New Delhi: With an eye on increasing India’s pharmaceutical exports to the Association of Southeast Asian Nations (Asean), the Union government plans to ensure that the Indian regulatory standards are in sync with those of the 10-nation political and economic block.

As part of the plan, officials from India’s commerce and industry ministry and the Pharmaceutical Export Promotion Council of India (Pharmexcil) plan to meet the regulatory authorities and trade bodies of three Asean members—Vietnam, Philippines and Malaysia—in March.

Asean is one of the major importers of Indian generic medicines with pharmaceutical exports accounting for $15 billion.

“Considering the nature of the region falling into the focus area for pharmaceutical exports from India and to accomplish the ambitious target of $29.39 billion and also to brand India pharma, Pharmexcil proposes to organize a business delegation meet in March,” said Pharmexcil in a communication issued to its members.

Pharma exports in numbers

Notably, the overall size of India’s drugs and pharmaceutical exports stood at $27.84 billion in FY24 as per government data.

“Asean region offers great potential for Indian pharmaceutical products and our exports during the FY 2023-24 is $1,661 million contributing about 6% of the total pharma exports from India,” Pharmexcil said.

India is predominantly a generic drug player. India’s generic exports in FY24 was $21.53 billion. The country’s share in the global generic market is valued at $44.78 billion or 9.2%.

“Basically, it is an industry meet and trade talk. The idea is to boost our pharma trade with these nations. During the visit, buyer-seller meets will also be organized in each country along with meetings with the Regulatory officials and prominent trade associations,” said an official aware of the matter.

“We are also reaching out to mission in Laos to explore the possibilities of adding it as fourth country,” the official added.

Raja Bhanu, Director General of Pharmexcil said, “Asean is a great market for us. We have invited applications from companies who want to participate in this event (asking) what therapeutic categories they are dealing with and what is their products profile. We will have B2B meetings pharma trade associations, business chambers and respective FDAs.”

“Generally, these countries look for finished dose formulations, bulk drugs and capsules from us,” he said.