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India's Pharma Exports Surge to USD 27.9 Billion in 2023-24, Despite Overall Export Dip
According to the commerce ministry data, March witnessed a particularly strong performance, with pharmaceutical exports soaring by 12.73% to USD 2.8 billion.
- By PharmaNews Live Desk
- New Delhi
- Apr 24, 2024
India's pharmaceutical sector witnessed a significant boost in exports, reaching USD 27.9 billion in the fiscal year 2023-24, marking a 9.67% increase from the previous year. Despite a slight decline in total exports, the pharmaceutical industry continues to thrive, fueled by growing demand in key markets like the US, the UK, and new emerging geographies. ---
This growth comes amidst a 3% dip in total exports during the same period, underlining the sector's robust performance in global markets.
According to the commerce ministry data, March witnessed a particularly strong performance, with pharmaceutical exports soaring by 12.73% to USD 2.8 billion.
The sector's resilience is further evident in its consistent growth trajectory, as evidenced by the USD 25.4 billion exports recorded in 2022-23.
The United States remains the dominant export destination, accounting for over 31% of India's total pharmaceutical exports, followed by the UK and Netherlands, each contributing around 3%.
Furthermore, the sector has expanded its reach to new territories like Montenegro, South Sudan, and Brunei in the latest fiscal year.
Industry experts attribute this growth to increasing market opportunities and robust demand, particularly in countries like the US.
With predictions indicating that India's pharmaceutical business could surpass USD 130 billion by 2030, driven by expanding market avenues and heightened overseas demand, the sector is poised for significant expansion.
On average, India exports pharmaceutical products worth USD 2-3 billion every month, underscoring the sector's steady contribution to the country's export economy.
With its vast production capacity, India's pharmaceutical industry ranks as the third largest by volume and the 13th largest by value globally, manufacturing a diverse range of generic drugs across 60 therapeutic categories.
The government's initiatives, including two production-linked incentive (PLI) schemes, aim to bolster domestic manufacturing of key pharmaceutical ingredients and generic medicines, further enhancing the sector's competitiveness on the global stage.