'$10 bn opportunity up for grabs in off patent drug market by 2029'

As many as 15 blockbuster drugs whose revenues worth USD 112 billion will be off-patented during 2023 to 2029 and the Indian pharma industry will have a growth opportunity of USD 10 billion in the form of generics (including complex), a top official of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce said on Thursday.

Addressing a press conference, Udaya Bhaskar, Director General of Pharmexcil also said Indian pharma exports recorded 8.85 per cent growth during April and May this year at USD 4.73 billion against USD 4.35 billion during the same period last fiscal.

He further said with the advent of quality concerns raised by global regulatory agencies, Pharmexcil's priority has been shifted to quality management and imbibing quality culture in the industry by way of organising capacity building programmes in states to uphold the image of Indian pharma on global platform.

According to the pharma exports body, India has 748 US Foo