India’s pharma exports rise 10% to USD 27.9 bn in FY24 – ET HealthWorld | Pharma

New Delhi: The country’s drug and pharmaceuticals exports are set to grow by 9.67 per cent year-on-year to USD 27.9 billion in 2023-24, while overall exports declined by 3 per cent in the last fiscal. According to commerce ministry data, pharma export It increased by 12.73 percent to US$2.8 billion in March.

Exports in 2022-23 stood at US$ 25.4 billion.

The top five export markets for the region during the last financial year are the US, UK, Netherlands, United Kingdom, South Africa and Brazil.

The US accounts for over 31 per cent of India’s total pharma exports, followed by the UK and the Netherlands (about 3 per cent each).

In 2023-24, outbound shipments also entered new geographies such as Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia.

An industry expert said that is increasing market opportunities And healthy demand in countries like the US is helping exports set records healthy growth rate Month after month.

This is what experts have said pharmaceutical business of india Supported by expanding market opportunities and growing demand in foreign markets, it could exceed USD 130 billion by 2030. The turnover for 2022-23 stands at more than US$ 50 billion.

On an average, India exports pharma products worth US$2-3 billion every month.

India’s pharmaceutical industry is the third largest by volume and 13th largest by value in the world, producing over 60,000 generic medicines in 60 countries. therapeutic categories,

The government has implemented two production linked incentives (PLI) Schemes to promote domestic manufacturing of keys pharmaceutical ingredients And generic medicines,

  • Published on April 24, 2024 at 04:15 PM IST

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