April 24, 2024
The sector's top five export markets for the last fiscal year were the US, the UK, the Netherlands, South Africa, and Brazil
The US accounted for over 31% of India's total pharmaceutical exports, followed by the UK and the Netherlands, each making up about 3%
India exports pharmaceutical products worth US$ 2-3 billion every month, indicating the sector's consistent performance in international trade
India's pharmaceutical industry is globally recognized, ranking as the third largest by volume and the 13th largest by value
In the fiscal year 2023-24, India’s drugs and pharmaceuticals exports showed a notable increase of 9.67% year-on-year, reaching US$ 27.9 billion, despite an overall 3% dip in total exports.
The latest data from the commerce ministry also revealed that pharmaceutical exports in March alone grew by 12.73% to US$ 2.8 billion, compared to the previous fiscal year when exports stood at US$ 25.4 billion.
The sector’s top five export markets for the last fiscal year were the US, the UK, the Netherlands, South Africa, and Brazil. Notably, the US accounted for over 31% of India’s total pharmaceutical exports, followed by the UK and the Netherlands, each making up about 3%.
In the fiscal year 2023-24, Indian pharmaceutical exports reached new regions, including Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Sweden, Haiti, and Ethiopia. This expansion into diverse markets reflects the sector’s increasing global footprint.
Industry experts attribute this growth to rising market opportunities, especially in the US, which has consistently shown healthy demand for Indian pharmaceutical products. The trend indicates sustained growth rates in exports month after month.
Forecasting the future, experts predict that India’s pharmaceutical industry could surpass US$ 130 billion by 2030, driven by expanding market opportunities and growing demand in international markets. This growth trajectory is significant considering the industry’s value was over US$ 50 billion in the fiscal year 2022-23.
On average, India exports pharmaceutical products worth US$ 2-3 billion every month, indicating the sector’s consistent performance in international trade.
India’s pharmaceutical industry is globally recognized, ranking as the third largest by volume and the 13th largest by value. It boasts a diverse portfolio, producing more than 60,000 generic drugs across 60 therapeutic categories.
To further boost domestic manufacturing in the pharmaceutical sector, the government has implemented two production-linked incentive (PLI) schemes. These initiatives aim to enhance local production capacity of vital pharmaceutical ingredients and generic drugs.
Source: Economic Times