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The pharmaceutical exports increased 7.57 per cent in the financial year ended March 31, 2020 at $ 20.58 billion as against $19.13 billion in the previous year
The growth in FY20 was lower compared to previous financial year which registered 10.72 per cent increased over FY19, according to Pharmaceutical Export Promotion Council’s (Pharmexcil) data.
“The slowdown in growth rate was due to reduction of exports in February and March 2020. While February showed 7.7 per cent growth exports decline 23.24 per cent in March affecting the overall performance of exports in the pharma industry,” R Uday Bhaskar, Director-General. Pharmaexcil said on Friday.
In a way, Covid-19 and lockdown had offset the positive impact of surge in pharma exports in the first three quarters of the year under review. The growth in the first three quarters was at 11.21 per cent, 8.69 per cent, 14.64 per cent respectively.
Composition
Drug formulations, biologicals contributed to 72 per cent of total exports with a growth of 9.5 per cent. However, second largest category of exports – Bulk drugs and intermediaries, declined by 0.75 per cent. The vaccines and surgicals recorded 22 per cent and 10.5 per cent growth respectively.
Of the 202 destinations for Indian drugs, North America had the largest share of 34 per cent with 15 per cent growth in overall exports.
Exports to the United States (US) stood at $6.7 billion with a 32.74 per cent share in total exports and showed 15.8 per cent growth.
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