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India’s pharma exports are up 103 per cent over a nine-year period to ₹183,422 crore in FY22. In FY14, pharma exports stood at ₹90,415 crore. Exports achieved in 2021-22 is the pharma sector’s best export performance ever, a government statement said.
“It is a remarkable growth with exports growing by almost $10 billion in eight years,” the statement mentioned.
Piyush Goyal, the Union Minister of Commerce and Industry, in a tweet said India has been serving as the ‘pharmacy of the world’. “India’s booming drugs and pharmaceuticals exports more-than-double in 2021-22 compared to 2013-14,” he wrote, crediting the leadership of Prime Minister Narendra Modi.
The trade balance continues to be in India’s favour, with a surplus of $15,175.81 million.
Nearly 60 per cent of the world’s vaccines and 20 per cent of generic medicines are coming from India, which ranks third worldwide for production by volume and 14th in value terms, the government statement said.
The current market size of the Indian pharmaceutical industry is around $50 billion.
Global exports pie
The share of pharmaceutical and drugs in India’s global exports is 5.92 per cent; formulations and biologicals continue to account for a major share of 73.31 per cent of exports.
Bulk drugs and drug intermediates exports are around $437.64 million. India’s top-5 pharma export destinations are the US, UK, South Africa, Russia and Nigeria.
According to a government statement, nearly 55 per cent of India’s pharma exports cater to highly regulated markets. Indian pharma companies have a substantial share in the prescription market in the US and EU too.
The largest number of FDA-approved plants outside the US is in India.
Pharma growth in Covid times
Even in 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid Covid, with exports at $24.4 billion witnessing 18 per cent YoY growth.
According to the government statement, the Indian vaccine industry developed Covid vaccine with indigenous technology in collaboration with India’s research institutions such as ICMR and NIV within shortest time on par with those developed in the US and EU.
India provided 115 million doses of vaccines to more than 97 countries.
As part of the trade agreements, India also signed cooperation agreement with the UAE and Australia, which will give enhanced access to Indian pharma products to these markets.
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