FPME’s annual event highlights industry growth and innovation opportunities

The Annual Event of the Federation of Pharmaceutical and Allied Products Merchant Exporters (FPME) was held on May 13, 2023, at the Indian Merchant Chamber in Mumbai. The event was organised to provide a platform for the members of FPME to discuss the latest trends, challenges, and opportunities in the pharma export industry.

The event was attended by a diverse group of participants, including pharma exporters, government officials and industry experts. Dr Bhagwat Kishanrao Karad, Union Minister of State and Finance, Government of India, and Member of Parliament, Rajya Sabha, Maharashtra, Dr PV Appaji, founder and former director general of Pharmexcil, and Dr Radhakrishnan Pillai, Author of Bestseller Corporate Chankaya, Sumanta Chaudhari, Advisor, Pharmexcil and Namit Joshi, Director of Centrient Pharmaceuticals and Vice Chairman of Pharmexcil were some of the speakers at the event. Dr Karad and Dr Appaji virtually attended the annual event.

Dr Karad stated that the government is committed to supporting small and medium-sized enterprises (MSMEs), promoting the Indian pharmacopoeia, and supporting innovation and R&D. He also stressed that one of the benefits of allowing rupee trade is that it can help to reduce currency volatility and make it easier for Indian businesses to engage in international trade. When businesses are able to trade in their local currency, they do not have to worry about fluctuations in exchange rates, which can be a significant risk factor in international trade. This can help to encourage more businesses to engage in cross-border trade, which can in turn promote economic growth and development.

Dr Karad also highlighted some issues that have been raised by the FPME regarding his ministry, including issues related to customs, bank charges, and the Export Credit Guarantee Corporation (ECGC). He committed to working with the relevant departments to address these issues and to arrange meetings with FPME officials in Delhi to discuss their concerns.

The event featured several insightful sessions covering a wide range of topics related to the pharmaceutical export industry as well. Sandeep Modi, Joint Secretary, FPME, emphasised the role of merchant exporters in ensuring last-mile delivery of medicines to any part of the world. He encouraged merchant exporters to use the latest technologies, such as 3D printing and AI in drug delivery systems, to enhance their operations.

Sumanta Chaudhari, Advisor, Pharmexcil was the chief guest of the Annual Event and delivered a keynote address. “The potential for Indian pharma companies to thrive in less regulated markets is immense, but it requires a combination of strategic vision and specialised skills. Let us seize these opportunities and pave the way for a brighter future,” said Sumanta Chaudhari.

While reminiscing about the early days of Indian pharma exports, Dr PV Appaji, founder and former director general of Pharmexcil, highlighted the important role that merchant exporters have played in bringing affordable medicines to the African region and Russia. He encouraged merchant exporters to further their understanding of the intricacies of the pharma segment, quality compliance, and regulatory requirements to take Indian pharma to all corners of the globe.

Namit Joshi, Director of Centrient Pharmaceuticals and Vice Chairman of Pharmexcil said, “Merchant exporters are the backbone of the pharma industry and their concerns must be addressed effectively. Pharmexcil provides a platform for these exporters to raise their issues with the concerned authorities and get them resolved..”

Dr. Radhakrishnan Pillai, Author of Bestseller Corporate Chanakya spoke about the enormous potential for pharma exporters to expand their reach and establish themselves as global players. He said, “The industry must invest in innovation, quality, and regulatory compliance while also applying Ancient Wisdom of Chanakya and his leadership qualities given in Saptang (Seven pillars of a Kingdom) model in order to fully realise this potential.”

The event provided networking opportunities for the attendees to interact with one another and exchange ideas. This allowed for the development of new business relationships and partnerships.

The Annual Event of the Federation of Pharmaceutical and Allied Products Merchant Exporters (FPME) provided a platform for the industry to exchange ideas and best practices. The speeches of the speakers highlighted the opportunities and challenges facing the industry and provided insights into how the industry can grow and expand in the future.