New Delhi, April 17 (IANS) A 44-member delegation from India will participate in an international pharma exhibition ‘Pharmaconex 2016’ in Cairo from April 19 to 21.
The delegation’s participation at the international pharma convention will be led by the Pharmaceutical Export Promotion Council of India or Pharmexcil, an official statement said.
The delegation will include prominent Indian manufacturers and exporters of pharmaceuticals, nutraceuticals, dietary supplements, pharmaceutical formulation intermediates, active pharmaceutical ingredients, hospital supplies, herbal medicines, cosmetics, excipients, fine chemicals and a wide range of innovative high quality pharma products.
India is the largest provider of generic drugs globally, with the Indian generics accounting for 20 percent of the global exports by volume, according to the statement.
The Indian pharma industry, expected to grow over 15 percent per annum between 2015 and 2020, will outperform the global pharma industry.
At present, the market size of the pharmaceutical industry in India stands at $20 billion.
As of March 2014, Indian pharmaceutical manufacturing facilities registered with the US Food and Drug Administration stood at 523, the highest for any country outside the US.
India is expected to be the third largest global market for active pharmaceutical ingredients by 2016, with a 7.2 percent increase in market share.
Indian generic formulations enjoy a good reputation worldwide for quality and cost effectiveness and are exported to more than 200 countries, including the US, European Union and Japan.
India’s pharma exports touched 20 billion dollars in 2015 and are expected to reach 27 billion dollars by 2016.
The governments and the business communities in India and Egypt are working closely to promote the dynamism in bilateral economic relations.
The visit of the pharma delegation is part of the efforts to boost trade relations between the two countries.