Latest news with #PharmaceuticalsExportPromotionCouncil
Time of India
19 hours ago
- Business
- Time of India
After a robust march, pharma exports slow
New Delhi: India's pharmaceuticals exports grew only 1.5% year-on-year in April and May after an impressive 31.2% jump in March when companies expedited shipments to meet year-end targets and also to avoid potential US tariffs, a top official said. In 2024-25, shipments to the US rose 20.4% to around $10.5 billion from approximately $ 8.7 billion in FY24 despite ongoing challenges related to pricing pressures, regulatory scrutiny, and geopolitical uncertainties, Namit Joshi, chairman of Pharmaceuticals Export Promotion Council ( Pharmexcil ), told ET. The industry remains confident of keeping the momentum and more than double overall pharma exports to $120-130 billion by 2030 from $50-55 billion now, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Don't Overpay For A Will Or Executor Fees - Do This Instead Consumer Advice Read More Undo Pharmexcil is an authorised exports promotion agency under the commerce and industry ministry. Joshi said the surge in exports in March "was primarily driven by companies expediting shipments to meet financial year-end targets and consolidate annual performance metrics-a recurring trend observed every year." Live Events The announcement of potential tariffs on Indian pharmaceutical products by US President Donald Trump also contributed to the momentum, he said. "Fearing possible future restrictions, several Indian drug manufacturers advanced their shipments to the US, which would have otherwise taken place in April," Joshi said. "This pre-emptive move helped avoid potential tariff impacts but also led to a dip in April exports." Pharma exports in March jumped a staggering 48.8% from February. "While detailed country-wise figures for this period are yet to be released, the US-typically accounting for over 30% of India's total pharma exports-is presumed to have received a significant portion of this March surge," Joshi said. STRATEGIC REPOSITIONING Indian pharma exporters are responding to the dual pressures of regulatory tightening and evolving market demand by strengthening compliance, prioritising complex generics and value-added products, and pursuing strategic investments that enhance their long-term competitiveness in the US, Joshi said. "Heightened regulatory scrutiny, particularly in the form of frequent USFDA inspections and warning letters, has prompted Indian manufacturers to enhance compliance standards and invest in quality upgrades across manufacturing sites," he said. "Companies are increasingly adopting advanced technologies such as automation, data integrity systems, and digitised quality control frameworks to ensure regulatory alignment."
Reuters
17-06-2025
- Business
- Reuters
Rupee hits over two-month low, hurt by geopolitical worries, Trump tariff remark
MUMBAI, June 17 (Reuters) - The Indian rupee hit its weakest level in more than two months on Tuesday, hurt by worries over geopolitical tensions in the Middle East and U.S. President Donald Trump's remark that pharmaceutical tariffs were coming very soon. The rupee declined to 86.28 against the U.S. dollar near the end of the trading session, its weakest level since April 9, before closing at 86.24, down 0.2% on the day. Speaking to reporters on Air Force One on the way back from attending a meeting of G7 leaders, Trump said that pharmaceutical tariffs were coming very soon. The rupee extended its losses after the statement, traders said. Indian drugmakers earn a significant share of their revenue from the United States. India's pharma exports to the U.S. stood at $8.73 billion in fiscal year 2024, accounting for about one-third of the industry's overall exports, as per data from government-backed trade body Pharmaceuticals Export Promotion Council of India. Asian currencies were down between 0.1% and 0.5% while the dollar index was steady at 98.1. Brent crude oil futures rose more than 1% to $74.30 per barrel with analysts saying that uncertainty over the Iran-Israel conflict would keep prices elevated. Dollar demand from state-run banks also weighed on the rupee, a trader at a private bank said. "A close over 86.10 indicates that a bullish bias may start to build on USD/INR in the near-term," the trader said. India's benchmark equity index, the Nifty 50 (.NSEI), opens new tab, fell about 0.3%, in line with losses in most regional peers. While the focus will remain on geopolitical developments in the Middle East, traders are also awaiting the Federal Reserve's policy decision on Wednesday. With the central bank widely expected to keep policy rates unchanged, its projections for policy rates and commentary from Chair Jerome Powell will be in the spotlight.
