November 25, 2022
FY22 sustained positive growth despite global trade disruptions and a drop in demand for Covid-related medicines
60% of the world's vaccines and 20% of generic medicines have been exported from India by May 2022
Indian pharma witnessed export growth of 18% on a year-on-year (YoY) basis at US$ 24.4 billion
The country has provided 115 million doses of Covid vaccines to more than 97 countries
India’s pharma exports have increased by 138% to INR 90,324.23 crore in the April-October period of this year, compared to the same period during FY14 which reached INR 37,987.68 crore, according to data from the government.
Media reports said that pharma exports in FY22 sustained positive growth despite global trade disruptions and a drop in demand for Covid-related medicines. By May this year, 60% of the world’s vaccines and 20% of generic medicines have been exported from India. Regarding the global market share for pharmaceuticals, India stood at 5.92% in May 2022.
Indian drugs and pharmaceuticals have witnessed a healthy increase during the pandemic, achieving export growth of 18% on a YoY basis at US$ 24.4 billion.
Global achievements
As per the media reports, India has made multiple global achievements which include having the largest number of FDA-approved plants outside the US and having a substantial share in the prescription market in both the US and EU.
By using indigenous technology in collaboration with India’s research institutions like the Indian Council of Medical Research (ICMR) and the National Institute of Virology (NIV), the country has provided 115 million doses of Covid vaccines to more than 97 countries.
After the oncoming Free Trade Agreements with various countries, the country’s pharma sector will witness further growth.
Source: Economic Times