India’s Pharma exports registers growth by 103% since 2013-14
Prashant Chauhan
Indian pharma exports have registered a growth of 103 percent since 2013-14. This happens to be Pharma Sector’ best export performance ever till 2021-22. The exports have grown by almost USD 10 billion in 8 years. It grew from Rs 90, 415 Crores in 2013-14 to Rs 1,83,422 Crores in 2021-22. With 60 percent of the world’s vaccines and 20% of generic medicines coming from India, Indian pharma companies have made a global mark by virtue of their price competitiveness and good quality. It is also noteworthy that around 55 % of our pharma exports cater to highly regulated markets. Indian pharma companies have a substantial share in the prescription market in the US and EU. The largest number of FDA approved plants outside the US is in India.
The Union Minister of Commerce and Industry Piyush Goyal tweeted that under the active leadership of Prime Minister Narendra Modi, India has been serving as the ‘pharmacy of the world’.
The pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines. The trade balance continues to be in India’s favour, with a surplus of USD 15175.81 million. India ranks third globally in terms of production and 14th in terms of value. The current market size of the Indian pharmaceutical industry is around USD 50 billion.
The share of pharmaceuticals and drugs in our global exports is 5.92%. Formulations and biologicals continue to account for a major share of 73.31% in our total exports , followed by bulk drugs and drug intermediates with exports of USD 4437.64 million. India’s top 5 pharma export destinations are USA, UK, South Africa, Russia and Nigeria.
Even in the year 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving an export of USD 24.4 Billion with a YoY growth of 18%. The extraordinary exports growth in 2020-21 was achieved amidst the frequent lock downs, global supply chain disruptions and the depressed manufacturing sector.
As part of the trade agreements, India also signed a cooperation agreement with UAE and Australia which will give enhanced access to Indian pharma products to these markets.
