Exports are expected to cross $31 billion in the year ending March 31, compared with exports of nearly $28 billion in fiscal 2024, according to Pharmaceuticals Export Promotion Council of India (Pharmexcil).
The growth markets will be the United States, UK, Latin America and Africa, Udaya Bhaskar, the director general of Pharmexcil, told Reuters on the sidelines of an event in Hyderabad.
Among them the U.S. is a key market -- it accounts for about 30% of India's annual pharma exports after a nearly 16% increase in fiscal 2024, according to Pharmexcil.
The country's drug shortages as well as the increased use of drugs for lifestyle diseases such as diabetes, hypertension and depression will aid demand for India's affordably priced drugs, Bhaskar said
Earlier this week, India Ratings and Research shared a similar view, saying the U.S. market will help Indian drugmakers sustain their revenue improvement this fiscal year.
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