FY 21: Indian pharma exports grow at 18 percent to 24.44 billion

Published On 2021-04-18 05:30 GMT | Update On 2021-04-18 05:31 GMT

Hyderabad: Pharma exports from India witnessed over 18 percent growth to USD 24.44 billion during the last financial year against USD 20.58 billion in FY20, Pharmaceuticals Export Promotion Council of India (Pharmexcil) said on Saturday.

"We have observed a big leap in our exports in the month of March 2021 which is USD 2.3 billion (figures for March are provisional) and is highest among the exports of all the months of this financial year, the growth rate for this month is 48.5 percent against the exports in March 2020 (USD 1.54 billion)," Udaya Bhaskar, Director General of Pharmexcil said in a release.

Growth rate seems relatively big as the exports of March 2020 were crunched due to lockdown across the world and supply chain disruption, he was quoted as saying.

When the global pharma market is negatively grown by 1-2 percent in 2020, there is a big surge in demand for Indian-made generics owing to its quality and affordability, the official said adding Drug formulations and Biologicals is the second largest Principal commodity being exported by India.

The Pharma exports body is expecting big growth in Indian vaccine exports in the coming years and the government policy on PLI (production Linked Incentive) scheme will also help the domestic pharma to grow by reducing import dependence and develop export potential in the days to come as most of the countries are looking at India for APIs ( active pharmaceutical ingredient) he said. North America is the largest exporting region for Indian pharmaceuticals with more than 34 percent share.

Country-wise exports to the US, Canada and Mexico have recorded a growth of 12.6, 30 and 21.4 percent respectively. South Africa being the second largest exporting country, recorded a big jump of 28 percent growth while Europe was the third largest exporting region which has recorded approximately 11 percent growth over the previous year.

Article Source : PTI

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

Comments Policy

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

FY 21: Indian pharma exports grow at 18 percent to 24.44 billion

Similar News

Biocon Opens First US Manufacturing Facility in New Jersey, Invests USD 30 Million in Expansion

USFDA Reappoints Vinay Prasad to Top Medical and Scientific Role

B Pharmacy Graduate Held for Operating Unauthorized Clinic in Hyderabad

No Generics for AbbVie's Rinvoq Until 2037, Analysts See Multi-Billion Dollar Boost

Advent to Sell Zentiva to Private Equity GTCR in USD 4.8 Billion Deal, Closing Expected in 2026

Chennai Court Acquits 2 After Alleged Nitravet Haul Found to Be Paracetamol

USFDA warns pharma cos to remove misleading ads

Intas Pharma appoints Dr Ajay Kumar Handa as new Executive Vice President - RnD