India is still ahead of China in pharma exports
The Indian government has claimed that India maintained its lead over China in pharmaceutical exports last year, growing 7.55% to $12.54 billion in 2015 as compared to neighboring country’s growth of 5.3% to $6.94 billion.
"India moved ahead of China in all important markets such as US, European Union and Africa," said the ministry, adding that India's exports of pharma products to US grew by 23.4% and reached $4.74 billion, while China's exports to the US grew only 15% and reached $1.34 billion.
Talking of exports to the EU and Africa, India maintained its lead over China in these markets as well, exporting goods worth $1.5 billion and $3.04 billion to the EU and African markets, respectively; China’s exports to these markets fell, on the other hand.
However, one can’t deny the fact that India heavily relies on countries like China for the raw materials that are used in making pharma products for being exported to unregulated markets like Africa, as told to ET by SV Veeramani, President of Indian Drug Manufacturer's Association (IDMA).
Even for the products sold within India, we have to depend on Chinese raw materials, and price control and strong competition between drug makers catering to the Indian market can be cited as the reason behind this.
"In India, the price has come down so much that, in competition, we have to buy from China. Indian manufacturers are not able to beat the import prices from China," Veeramani added.
- It only takes 50 tweets to find a troll on Twitter
- Best neckband headphones for a rich audio experience
- India’s first private player to successfully test a homegrown rocket engine is on track for its first full rocket launch by 2021
- Hiring is on a slow rise in India, but the numbers are nowhere close to pre-COVID levels
- Microsoft confirms Xbox Series X to launch in November