India’s Pharma exports grow by 103% since 2013-14
Since 2013-14, Indian pharmaceutical exports have increased by 103 %, from Rs. 90,415 crores (US$ 11.82 billion) in 2013-14 to Rs. 1,83,422 crores (US$ 23.98 billion) in 2021-22. The Pharma Sector's export performance in 2021-22 was the best it has ever been. Exports have increased by about US$ 10 billion in the last eight years, which is a fantastic achievement.
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal stated that under the active leadership of Prime Minister, Mr. Narendra Modi India has been serving as the 'pharmacy of the world'.
With 60% of the world's vaccines and 20% of generic medications coming from India, Indian pharmaceutical businesses have established a global imprint, owing to their price competitiveness and high quality. India is the world's third-largest producer by volume and the fourteenth-largest producer by value. World-class manufacturing competence, robust infrastructure, cost-competitiveness, trained human resources, and innovation are the driving forces behind India's pharma success story. The Indian pharmaceutical sector is currently valued at roughly US$ 50 billion.
Pharmaceuticals and drugs account for 5.92% of our global exports. Formulations and biologicals continue to contribute to the majority of our overall exports, accounting for 73.31%, followed by bulk medicines and drug intermediates, which accounted for US$ 4437.64 million in exports. The United States, the United Kingdom, South Africa, Russia, and Nigeria are India's top five pharmaceutical export destinations.
It's also worth noting that about 55% of our pharmaceutical exports go to highly regulated markets. The prescription market in the United States and Europe is dominated by Indian pharmaceutical companies. India has the most FDA-approved plants outside of the United States.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.