Pharma exports rise around 10% to US$ 27.9 billion, US biggest importer

India's pharmaceutical exports rose 9.67% to US$ 27.9 billion in 2023-24 despite a 3% dip in total exports. March alone saw a 12.73% surge to US$ 2.8 billion. The US, the UK, the Netherlands, South Africa, and Brazil are the top export markets, with the US accounting for over 31% of India's total pharmaceutical exports.

In 2023-24, India expanded its pharmaceutical exports to new markets like Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti, and Ethiopia. Driven by growing opportunities, especially in the US, exports continue to grow consistently. Based on current trends, forecasts suggest India's pharmaceutical sector could exceed US$ 130 billion by 2030. The government has implemented two production-linked incentive (PLI) schemes targeting key pharmaceutical ingredients and generic medicines to bolster domestic manufacturing.

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