Pharmaceutical exports grew 8.2 per cent in April-December, 2023, to $20.40 billion as compared with $18.85 billion in the corresponding period of the previous financial year.

“The growth in exports in the first nine months of current financial year was driven by a double digit growth of the US exports at 11.5 per cent which pushed up overall exports to NAFTA (USA, Canada and Mexico) by 10.4 per cent,’‘ R Uday Bhaskar, Director-General, Pharmaceuticals Export Promotion Council (Pharmexcil) told businessline.

Formulations continue to have the highest share in exports at about 73 per cent.

“Exports to the UK are also increasing at 20.5 per cent while the West Asia and North Africa (WANA) region has also been witnessing good traction,’‘ Bhaskar said. 

Russian exports fall

Russia, however, remains a concern as it is witnessing steady fall in exports and dropped to 10th position from 7th in previous years. “The government and Pharmexcil are currently working on a host of measures to push up exports to Russia further,’‘ the official said. 

Though earlier estimates peg the full year (FY24) exports at $27 billion, with the increased pace of exports especially from October onwards, the total exports are expected to touch $28-billion mark.  In FY23, pharma exports were at $25.3 billion. NAFTA (USA, Canada and Mexico), Europe and Africa are the country’s three major regions for pharma exports. These three regions together account for almost 69 per cent of total pharma exports.