Pharma exports bucked the recessionary trend, to clock 11% growth in the first quarter this fiscal and followed it up with a robust, over 21% growth in July. Coming at a time when “most commodities are not moving in a positive direction, pharma exports are a silver lining,” Ravi Uday Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), said on Friday. If the pace of growth is maintained, exports may close the fiscal at a new high of $22 billion. That would be a more than 14% growth compared to the $19.2 billion achieved in 2018-19, he said during a media interaction here on Friday. The growth in the first four months — exports were around $6.7 billion — came on the back of better tidings in the key U.S. market, especially driven by stability in prices. “Of late, the U.S. market has stabilised. The volumes are increasing but price erosion and formation of cartels are [slowing us down],” he added. The improved showing in the four months was also aided by a good show in China, the UAE and Iran.

(The Hindu)