New Delhi: India maintained its supremacy over China in pharmaceutical exports in 2015 with a growth of 7.55 percent to $12.54 billion, the commerce ministry said today.
"India's pharmaceutical exports continued its lead over China in 2015...India maintains its supremacy over China in pharmaceuticals," the ministry said in a statement.
While India's pharma exports grew from $11.66 billion to $12.54 billion in 2015, recording a growth of 7.55 percent, China's exports rose by 5.3 percent to $6.94 billion, it added.
"India moved ahead of China in all important markets such as the US, Africa and the European Union," it added. India's exports of pharma products to the US jumped by 23.4 percent to $4.74 billion last year.
On the other hand, China's pharma exports to the US increased by 15 percent to $1.34 billion in the same period. "India also maintained its lead with growth in EU and Africa recording exports of $1.5 billion and $3.04 billion respectively, while China's exports to EU and Africa showed a declining trend in both the markets," the statement said.
India is hugely dependent on China for import of APIs, which are the raw materials for medicines. Industry and government have time and again raised concerns over increasing dependence on imported APIs from China.
India is a global hub of generic medicines. The market size of the country's pharma industry is estimated at over $20 billion.
Published Date: Jul 05, 2016 03:38 pm | Updated Date: Jul 05, 2016 03:38 pm