Indian Economy News

India's pharmaceutical exports have grown by 138% since 2013-14: Mr. Mandaviya

  • IBEF
  • November 24, 2022

As the world's pharmacy, India had a 138% growth in pharmaceutical exports from April-October 2022–23, as compared to the same time in 2013–14. Exports rose from Rs. 37,987.68 crore (US$ 4.64 billion) in 2013–14 to Rs. 90,324.23 crore (US$ 11.04 billion) in 2021–22.

Mr. Mansukh Mandaviya, the Minister of Health and Family Welfare, and Chemicals and Fertilizers, claimed in a tweet with an infographic of India's pharmaceutical exports over the years that the country is leading the world in medical exports.

In his speech to the Davos Summit in January, Prime Minister Mr. Narendra Modi claimed that India, the third-largest pharmaceutical producer in the world, was now a pharmacy for the entire world. He also claimed that India had saved millions of lives during the Covid-19 pandemic by providing vaccines and necessary medications to many nations as part of the "One Earth One Health" vision.

In May, 60% of the world's vaccines and 20% of generic medicines came from India, thanks to Indian pharmaceutical companies' competitive pricing and high quality. In both the US and the EU, prescription drug sales are dominated by Indian pharmaceutical corporations. India has the most FDA-approved plants outside of the US.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.