Indian pharmaceutical majors should go in for strategic alliances among themselves to capture export markets increasingly by leveraging cost advantages and precluding cut-throat competition which would be detrimental to the industry.
This was stated by the Commerce Secretary, Mr. Prabir Sengupta, at the opening the Regional Office of the Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council here on Friday.
Mr. Sengupta said such alliance should foster better understanding and consolidation among Indian companies to equip them well to face the increasing global competition.
He assured all help and guidance by the Government in making Indian companies move ahead in the export markets. He cited the case of Japan and Korea, where strategic alliances among companies had helped to increase exports.
Mr. Sengupta urged the industry to evolve a package of products which would attract customers better in the major export markets such as the US, Hong Kong and Latin American.
The industry should also focus on the manufacture of affordable medicines, he said, while clarifying that one of the major plus points of Indian medicines was their affordability.
The country's traditional capability coupled with the modern facilities were making Indian medicines cheaper. Lauding the export performance of the chemical industry, he said it could even exceed the target of 28 per cent for the current fiscal.
He said 14 per cent of the total export earnings of the country is from drugs and pharmaceuticals which amounts to $3.5 billion.
The council Chairman, Mr. Kishore Chokhani, in his welcome address said the organisation, which came into existance in 1963, had established itself as one of the biggest councils with a membership of 7,500 across the country.
The members are broadly divided into five panels; durgs and pharmaceuticals, dyes and dyes intermediates; inorganic and organic chemicalsPage: 1 2 Related medicine news :1
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