India’s Pharma exports grow by 103% since 2013-14

What is the News?

According to the Ministry of Commerce and Industry, Indian pharma exports witnessed a growth of 103% since 2013-14.

About Indian Pharmaceutical Exports

Pharma Exports: Indian pharma exports witnessed a growth of 103% from 2013-14 till 2021-22. This is a remarkable growth with exports growing by almost USD 10 billion in 8 years. Moreover, the Pharma trade balance continues to be in India’s favour. 

Pharmaceutical Production: India ranks 3rd worldwide for Pharmaceutical production by volume and 14th by value. The current market size of the Indian pharmaceutical industry is around USD 50 billion. 

Moreover. Indian pharma companies enabled by their price competitiveness and good quality have made a global mark with 60% of the world’s vaccines and 20% of generic medicines coming from India.   

Share of India’s Pharmaceutical Drugs in Global Exports: The share of pharmaceuticals and drugs in our global exports is 5.92%. Formulations and biologicals continue to account for a major share of 73.31% of India’s total exports followed by Bulk drugs and drug intermediates.

Pharma Export Destinations: India’s top 5 pharma export destinations are the USA, UK, South Africa, Russia and Nigeria.

Around 55 % of our pharma exports from India cater to highly regulated markets. For instance, the largest number of FDA approved plants outside the US is in India.

Source: The post is based on the articleIndia’s Pharma exports grow by 103% since 2013-14published in PIB on 1st May 2022.

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