India Faces $1BN Export Loss Following EC Generics Ban
July 28, 2015.
India is set to suffer at least $1 billion of loss in export of pharmaceutical products this fiscal following the ban on around 700 generic drugs by the European Commission for alleged manipulation of clinical trials by the Hyderabad-headquartered contract research and clinical trials firm GVK Bio, The Economic Times (India) reports. PV Appaji, the director general of Pharmaceuticals Export Promotion Council (Pharmexcil), said on Monday that the commerce ministry is scheduled to organize consultative discussions with the stakeholders and was weighing options to lodge a compliant with the global agencies against the decision of the European Commission. India exported $15.2 billion (Rs 94,275 crore) of pharmaceutical products in 2014-15, with European Union accounting for a fifth or $3 billion, Appaji added. http://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/india-may-suffer-rs-6300-crore-loss-in-pharma-exports/articleshow/48238880.cms
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