Pharmaceutical Sector: Indian Pharmaceutical Industry Targets Exports to Latin American Market

Chennai: After the US, Europe and Africa, the Indian pharmaceutical industry is looking to tap the Latin American market for exports. Currently, the Latin American region accounts for only 7% of India’s total medicines and pharmaceuticals exports worth $27.8 billion. Pharmaceutical Export Promotion Council of India (Pharmexcil) chairman SV Veeramani told TOI, “Geographically, the US is the largest importer for us and the same trend will continue. We are focusing on Latin America because we have great opportunities here. They don’t buy much from India these days,” he said. Veeramani was speaking on the sidelines of the 9th edition of pharmaceutical trade fair ‘Pharmac South 2024’ organized in Chennai on Friday. He added that India’s global exports of medicines and pharmaceutical products will grow by 10% in FY2025 compared to the previous year and will cross the USD 30 billion mark. While India’s exports to North America were $10 billion, it was only $2 billion to Latin America. Meanwhile, J Jayaseelan, president of the Indian Drug Manufacturers Association of Tamil Nadu, Puducherry and Kerala, said that steps should be taken to establish the National Institute of Pharmaceutical Education and Research (NIPER) in Tamil Nadu.

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