Indian pharma exports increase 10 percent to USD 27.9 billion in FY24
Written By : Ruchika Sharma
Medically Reviewed By : Dr. Kamal Kant Kohli
Published On 2024-04-25 10:15 GMT | Update On 2024-04-25 10:15 GMT
New Delhi: In the fiscal year 2023-24, the nation's exports of drugs and pharmaceuticals increased 9.67 per cent year-on-year to USD 27.9 billion. This growth occurred despite an overall decline of 3 percent in total exports in the last fiscal. Data from the commerce ministry indicates that pharmaceutical exports in March saw a particularly significant surge, increasing by 12.73 percent to USD 2.8 billion.
In 2022-23, the exports stood at USD 25.4 billion.
The top five export markets, for the sector during the last fiscal, are the US, the UK, the Netherlands, the United Kingdom, South Africa and Brazil.
The US accounts for over 31 per cent of India's total pharma exports, followed by the UK and Netherlands (about 3 per cent each).
In 2023-24, the outbound shipments also entered new geographies like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia.
An industry expert said that increasing market opportunities and healthy demand in countries like the US are helping exports to record healthy growth rates month after month.
Experts have said that India's pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over USD 50 billion for the 2022-23.
On average, India exports pharma products worth USD 2-3 billion every month.
India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 generic drugs across 60 therapeutic categories.
The government has rolled out two production-linked incentive (PLI) schemes to promote domestic manufacturing of key pharmaceutical ingredients and generic medicines
Read also: India to demand faster USFDA inspections of pharma firms at Trade Policy Forum meet
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