India’s pharma exports grow by 9.67% to touch $27.9 bn in FY24

India’s pharmaceutical exports grew by 9.67 per cent to $27.9 billion in 2023-’24, according to data by the commerce ministry that reveals year-on-year numbers. The country’s monthly export of pharma products is currently valued at $2-3 billion.

The United States led the list of markets where the Indian pharma industry saw maximum sales in the last fiscal. The US buys more than 31 per cent of pharmaceuticals exported by India, with the United Kingdom and the Netherlands jointly occupying the second spot. Both these nations imported around three per cent each. South Africa and Brazil completed the top five list.

India’s pharma exports grew by 12.73 per cent to $2.8 billion in March, according to the commerce ministry data, while the exports figure was around $25.4 billion in 2022-’23. Total exports dipped by three per cent over the last fiscal.

While demand for healthier medicine options in countries like the US have boosted sales, the fiscal year 2023-’24 also saw the Indian pharma industry exploring new markets such as Brunei, Chad, Comoros, Ethiopia, Haiti, Ireland, Latvia, Montenegro, South Sudan and Sweden.

India has the third-largest pharmaceutical industry in the world in terms of volume, producing more than 60,000 generic drugs in 60 categories. In terms of value, the country’s pharma industry is currently ranked as the 13th largest. The government recently introduced two Production-Linked Incentive (PLI) schemes to boost the manufacture of essential pharma ingredients and generic medicines in the country. Industry watchers feel India’s overall pharma business could grow beyond $130 billion by 2030.