Indian Economy News

UK and US in focus as Indian companies seeks US$ 31 billion pharma exports in FY25

India aims to achieve US$ 31 billion in pharmaceutical exports in the FY25, with the United Kingdom (UK) and the United States (US) identified as primary markets. In FY24, pharmaceutical exports from India totalled US$ 27.9 billion, reflecting a 9.6% growth compared to the previous year. Director General of the Pharmaceutical Exports Promotion Council (Pharmexcil), Mr. Udaya Bhaskar revealed plans to target US$ 1 billion in exports to the UK, citing rising demand for affordable generics in the country. Pharmexcil intends to conduct a roadshow in Belgium, the Netherlands, and the UK in November to further bolster exports.

The UK emerges as a promising destination for pharmaceutical exports in FY25, witnessing a notable 21.1% YoY increase in FY24, reaching US$ 784.32 million. Despite a slight decline in the previous year, the UK constitutes 2.82% of India's pharmaceutical export market. Meanwhile, the US remains a crucial market, representing 31% of Indian drug exports, with a 15.6% year-on-year growth in FY24. He emphasized the significance of the US market, where over 90% of prescriptions are filled with affordable generics, with Indian companies supplying four out of every 10 prescriptions filled in 2022. With Americans filling 6.7 billion prescriptions in 2022, indicating a 3.6% increase from the previous year, the US continues to be a vital driver for Indian drug manufacturers.

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