HYDERABAD: The European Commission’s recent decision to ban over 700 generic drugs for alleged manipulation of clinical trials by city-based GVK Biosciences (GVK Bio) will have a ripple effect on the overall pharma exports to European countries. This was stated by a top official of the Pharmaceuticals Export Promotion Council (Pharmexcil), a body that comes under the ministry of commerce and industry, on Monday.
“Our estimate is that exports worth $1-1.2 billion are likely to be affected. This made Pharmexcil and the ministry take up the issue seriously. It is an unjustified and unfair decision, which the government strongly feels, if implemented, will not only adversely affect the company but also the sector,” Pharmexcil director general P V Appaji told reporters on the sidelines of a programme organized by the Bulk Drug Manufacturers Association of India here.
Appaji added that of the total Indian pharma exports of $15.4 billion, Europe accounts for $3 billion (Rs 20,000 crore), including APIs and formulations. “For the first time, there is negative growth in pharma exports to the EU. Pharmexcil has been asked to give its views on the issue and the commerce ministry is in discussions with all the stakeholders on the issue,” Appaji added.
