"The idea is to diversify our export chain and increase market share in other countries."
The sources requested anonymity as they were not authorised to speak to the media, Reuters said.
The United Kingdom is India's second-largest export market, with $914 million in sales, followed by Brazil with $778 million.
Exports to the Netherlands and Russia stood at $616 million and $577 million, respectively, in fiscal 2025, according to government data.
With the existing manufacturing capacity of Indian drugmakers, there is potential to increase exports to newer markets by 20%, the sources noted. However, newer markets cannot substitute revenue from the U.S., which will always be crucial for India, the sources said, adding that the aim was to "identify additional markets for growth".
India hopes to discuss regulatory challenges in these markets at the upcoming International Pharmaceutical Exhibition in New Delhi, which will also be attended by global regulatory stakeholders, they added.
"We cannot increase exports overnight... so there will be discussions on regulatory challenges in these countries," the first source said.
The Indian government has been in talks with pharmaceutical groups to focus on increasing UK exports following a free trade agreement with the country.
India is expecting a "significant boost" in procurement of generics and active pharmaceutical ingredients by the UK's National Health Service, according to government data
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