India’s pharmaceutical industry is setting its sights on expanding exports to Latin America, a region that currently accounts for just 7 per cent of the country’s total drug and pharmaceutical exports worth USD 27.8 billion.
“Geographically, the US is the largest importer for us, and the same trend will continue. We are targeting Latin America as there is a lot of scope. Presently, they are not buying much from India,” said S V Veeramani, chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), reported TOI.
Veeramani’s comments came on the sidelines of the 9th edition of ‘Pharmac South 2024′, a pharmaceutical expo held in Chennai on Friday.
While India’s pharma exports to North America stood at USD 10 billion, exports to Latin America were just USD 2 billion, highlighting the untapped potential in the region.
Overall, India’s global drug and pharmaceutical exports are expected to rise by 10 per cent in the current financial year 2024-25 and cross the USD 30 billion mark, according to Veeramani.
J Jayaseelan, chairman of the Indian Drug Manufacturers’ Association’s Tamil Nadu, Puducherry, and Kerala branch, also emphasised the need to establish a National Institute of Pharmaceutical Education and Research (NIPER) in Tamil Nadu to support the industry’s growth.
As India’s pharmaceutical industry continues to gain global recognition for its quality and affordability, tapping into new markets like Latin America could further solidify the country’s position as a leading player in the sector.