| Date: |
29-07-2015 |
| Subject: |
India may suffer Rs 6,300 crore loss in pharma exports |
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HYDERABAD: India is set to suffer at least $1 billion (Rs 6,300 crore) of loss in export of pharmaceutical products this fiscal following the ban on around 700 generic drugs by the European Commission for alleged manipulation of clinical trials by the Hyderabad headquartered contract research and clinical trials firm GVK Bio.
Talking to journalists on the sidelines of a conference in Hyderabad on Monday, the director general of Pharmaceuticals Export Promotion Council ( Pharmexcil) PV Appaji said, "Majority of those 700 generic drugs are either produced or sourced by the domestic and multinational pharmaceutical companies in India. We estimate that the loss of exports could be $1-1.2 billion this fiscal."
Further, India's commerce ministry official said, "The commerce ministry is not happy with the latest development of the European Commission going ahead with ban even after series of consultations we had with the respective European agencies. We are reviewing the situation and will decide shortly on the course of action."
Appaji said the commerce ministry is scheduled to organise consultative discussions with the stakeholders in the next couple of days and was weighing options to lodge a compliant with the global agencies against the decision of the European Commission. India exported $15.2 billion or Rs 94,275 crore of pharmaceutical products in 2014-15, with European Union accounting for a fifth or $3 billion, said Appaji.
Source : economictimes.indiatimes.com
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