India may lose Rs 6,300 Crores in pharma exports
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India is set to suffer at least $1 billion (Rs 6,300 crore) of losses in pharmaceutical exports this fiscal year after the European Commission banned nearly 700 generic drugs after GVK Bio allegedly manipulated clinical trials.Director general of Pharmaceuticals Export Promotion Council PV Appaji said, "Majority of those 700 generic drugs are either produced or sourced by the domestic and multinational
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Appaji said that the commerce ministry is scheduled to organize discussions with the stakeholders in the next couple of days and may lodge a compliant with the global agencies against the
India reportedly 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.
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Image credit: Indiatimes
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