New Delhi: Indian pharmaceutical companies need to increase R&D investments and develop new markets in order to boost their exports, Commerce Minister Suresh Prabhu said on Tuesday.
Inaugurating the international exhibition here of pharma and healthcare (iPHEX), with participants from 130 countries, he also called for finding ways to make healthcare more affordable.
"Make more investments in R&D activities so that the (medicines) pipelines do not get dry," he said.
Regions like Latin America and Africa hold huge potential for export of Indian pharma products, Prabhu said.
He also said the government is committed to promoting pharmaceutical exports to untapped markets, and is working for greater market access for Indian products in countries like China.
"China has agreed to organise a round table meet with our regulators. This will help in addressing market penetration issues," he said.
Noting that the size of the global pharmaceutical industry has crossed $1 trillion, Commerce Secretary Rita Teaotia said it holds huge potential for countries like India.
"We have to make healthcare affordable," she said.
On the occasion, Drugs Controller General S. Eswara Reddy announced that for easier doing business in the sector, it has been decided to increase the validity of the World Health Organisation's Good Manufacturing Practice (GMP) certification from two to three years.