This marks a 7.38% increase compared to the same period last year, underscoring the industry’s growing global footprint. Pharmexcil, which operates under the Ministry of Commerce and Industry, is an authorised export promotion agency.
This growth is due to "strategic initiatives focused on sustainable manufacturing, expanded global market presence, and digital innovation,” Pharmexcil noted, adding that the efforts may bolster India's ambitious goal of achieving a trillion-dollar trade target for its pharma industry.
"India's pharmaceutical exports continue to demonstrate a steady year-over-year growth, with drug formulations and biologicals continuing to dominate the export category," Namit Joshi, chairman of Pharmexcil, was quoted as saying in a media report.
"We attribute this growth to rising global demand, streamlined regulatory approvals, technological innovations, strategic partnerships, and economic stability,” Joshi added.
According to IANS, formulations and biologicals accounted for 75.74 per cent of the total of the pharma exports. Bulk drugs and drug intermediates also expanded by 4.40 per cent in May.
Vaccine exports saw a 13.64 per cent increase and reached $190.13 million, while surgical items (up 8.58 per cent) and Ayush and herbal products (up 7.36 per cent) also saw healthy growth.
According to Pharmexcil, about 76 per cent of India's pharmaceutical export destinations include the North American Free Trade Agreement (NAFTA) region, as well as Europe, Africa, and Latin America.
However, the US remains the top destination. In May, exports to the country were valued at $1.7 billion in May -- representing 34.5 per cent of total pharma exports and a 1.5 per cent expansion.
While Europe and Africa saw moderate growth, the ASEAN region emerged as a newly contracted area.
According to Joshi, the India-UK Free Trade Agreement (FTA) discussions showed it will significantly enhance supply chains and improve access to affordable medicines. It will also attract foreign direct investment, particularly in contract development and manufacturing (CDMO) and joint research.
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.