Pharma sector targets Latin American mkt for exports

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 the total $27.8 billion drug and pharmaceutical exports from India.

Pharmaceuticals Export Promotion Council of India (Pharmexcil) chairman S V Veeramani told TOI, “Geographically, the US is the largest importer for us and the same trend will continue. We are targeting Latin America as there is a lot of scope. Presently, they are not buying much from India,” he said.

Veeramani was speaking on the sidelines of the 9th edition of ‘Pharmac South 2024’, a pharmaceutical expo organised in Chennai on Friday. India’s global drug and pharmaceutical exports will rise by 10% in FY25 over last FY and exceed the $30 billion mark, he added.

While India’s exports to North America stood at $10 billion, it was just $2 billion for Latin America. Meanwhile, J Jayaseelan, chairman, Indian Drug Manufacturers’ Association, Tamil Nadu, Puducherry and Kerala said, steps must be taken to establish the National Institute of Pharmaceutical Education and Research (NIPER) in Tamil Nadu.

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