Press Release (ePRNews.com) - Canacona, Goa, India - Oct 11, 2017 - India has become a leading pharmaceutical producer owing to Gaia Trade and similar medicine exporters in India. Over the years, India has become a pioneer in the field of medicine with a fast-growing generic and biosimilar market. India currently ranks fourth in the world among the highest generic pharmaceutical producers and contributes 20% of global generic drug exports.
As India continues to establish itself as a force to be reckoned with in the global pharma industry, many investors may be looking for a reliable medicine exporter in India.
Quite recently the Pharmaceutical Export Promotion Council of India expressed optimism and predicted a positive growth of 3-5 percent in exports by the end of 2017. According to the chairman Madan Mohan Reddy, the industry had shown a slightly negative growth during the 1st four months period, but it has undergone a remarkable turnaround in the second quarter and has registered a 4 percent growth in August.
During the months of April-June last year, the industry had slumped down by 7.9 percent decline in exports; however, the industry had performed really well and could manage to reduce the same to 4.2 percent this year.
The experts from the council hold the newly introduced Good And Services Tax (GST) regime as the main reason for the slowdown. GST had created issues in the procurement of raw material for the industry. Although over time all of these issues have been overcome and now the pharma industry is all set to move in the positive direction of growth.
Apart from GST, other factors that hindered the growth of pharma exports were the rapidly changing regulatory environment in pharma sector across the globe. In addition to that, there are also new and emerging markets that are competing with the Indian pharma players. But, all of this is pretty shortlived as the Indian pharmaceutical companies like Gaia Trade are exploring newer and unexplored markets in Africa and other countries. They are quite potential markets to be tapped into.
Moreover, another factor that gives a boost to export growth is the huge potential created post-patent regime. Moving in this direction many Indian pharma companies are expected to receive approval from USFDA for new products. This norm gives exclusivity to the companies that filed first. Furthermore, the leading blockbuster drugs going off patent is also expected to give an advantage for the Indian players. Keeping all of this in view, the council is expecting a 3-4 percent growth in the pharma exports by the end of this year
Gaia Trade has surfaced as one of the major medicine exporters in India, their services are available at a global level. To know more about their services, visit gaia-trade.com.
Gaia Trade is a leading firm, consisting of suppliers, distributors, and wholesalers of multiple medicinal products. They are linked with the best and branded medical manufacturing units. Source :