New Delhi: India 's exports of drugs, pharmaceutical & fine chemicals grew 27% to Rs 60,000 crore for the year ended March 2012, according to data compiled by Pharmaceutical Exports Council of India (Pharmexcil).
The export figure is now close to the size of the Indian formulations market which currently stands at around Rs 62,000 crore, which is growing at 15-20% annually.
However, the exports and the local formulations numbers are not comparable as the exports data include sale of active pharmaceutical ingredients or basic raw materials used to make drug. The revenues of the domestic market takes into account only branded finished medicines.
US, the world's largest drug market continues to be biggest overseas market for local drug makers accounting for about Rs 11,500 crore during the nine-month period (April-December), the latest figure for individual countries available with Pharmexcil.
Indian companies exports low-cost version off-patented drugs to over 200 countries and is often referred to as the global pharmacy.
Among companies, Hyderabad-based Dr Reddy's Laboratories is the country's largest exporter. But in November, Ranbaxy launched its generic version of the world's best selling drug Lipitor and is estimated to have raked in about $600 million or Rs 3000 crore during an exclusive six month period which will substantially increase the company's exports figure.
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