It was set up under the provisions of Foreign Trade Policy by the Ministry of Commerce and Industry in May 2004.
Pharmexcil takes up several external trade promotion activities by organizing trade delegations outside India, arranging buyer-seller meetings, international seminars, etc.
Present Chairman is Dr Dinesh Dua, Nectar Life Sciences Ltd, Late Shri D.B.
The Indian pharmaceutical industry has become the third largest producer in the world and is poised to grow into an industry of $20 billion in 2015 from the current turnover of $12 billion.
In 2022, the organization is planning to increase India's export of medicine to China.