The government has formed the Export Promotion Council for Pharmaceuticals (Pharmaexcil) to boost pharma exports.
Pharmaexcil, which would be headquartered in Hyderabad and have a regional office in Mumbai, was formed by a public notification issued by the Directorate General of Foreign Trade on May 12, 2004, a day before the parliamentary polls results were out.
The new entity has been designated as an authority to issue registration cum membership certificate to exporters of drug and pharmaceuticals under the Exim policy, Indian Drug Manufacturers' Association said in a release.
Pharmaexcil has been carved out of Chemixil, the export promotion council for chemicals.
Dinesh Mody of J B Chemicals & Pharmaceuticals would be the chairman and Venkat Jasti of Suven Life Sciences Ltd would be the vice-chairman of Pharmaexcil.
About $50 billion worth of drugs are coming off patent in the United States in the next few years and India with a largest number of US FDA manufacturing facilities outside the US has tremendous potential of getting a substantial share of the pie, it said, adding there was also a great scope for export of scientific and technical services such as clinical trials and research and development.
