Sept. 30 – India’s pharmaceutical and fine chemicals exports rose by 29 percent Rs 39,538 compared to the previous year, said Union Minister of Commerce and Industry, said Union Minister for Commerce and Industry, Anand Sharma during the inauguration of the Indo-Africa Pharma Business last week.

The sector reported a compounded annual growth rate of 17.8 percent during the five-year period 2003-04 to 2007-08 reports The Hindu. “The growing exports of India in African countries are causing concern in multinational companies who have started a false campaign that the Indian generic medicines are counterfeit and substandard. This has to be countered effectively,” Sharma said. Foreign Trade Policy has recently announced new incentives for the pharmaceutical sector under the Focus Market Scheme by giving 2.5 percent to 3 percent and zero duty under EPCG scheme for aiding technological development. The government is also setting-up the National Institute of Design in Hyderabad to develop better export product designs.

Andhra Pradesh alone exported drugs amounting to Rs 90,000,000,000 in 2008-09, contributing 23 percent of total exports from the country.