India’s Pharma exports grow by 103% since 2013-14

Since 2013-14, Indian pharmaceutical exports have increased by 103 percent, from Rs. 90, 415 crores in 2013-14 to Rs. 1,83,422 crores in 2021-22. The Pharma Sector’s export performance in 2021-22 was the best it has ever been. Exports have increased by about USD 10 billion in the last eight years, which is a fantastic achievement.

Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, highlighted the achievement in a tweet “India’s booming drugs & pharmaceuticals exports more than double in 2021-22 compared to 2013-14. Under the active leadership of Prime Minister, Shri Narendra Modi India has been serving as the ‘pharmacy of the world”.

Following up on a strong success in the previous financial year 2020-21, Indian pharmaceutical exports performed well in 2021-22 as well.  Despite global trade interruptions and a reduction in demand for COVID-related medicines, pharma exports in 2021-22 grew at a favorable rate. The trade balance remains in India’s favor, with a USD 15175.81 million surplus.

With 60% of the world’s vaccines and 20% of generic medications coming from India, Indian pharmaceutical businesses have established a global imprint, owing to their price competitiveness and high quality.

India is the world’s third-largest producer by volume and the fourteenth-largest producer by value. Our world-class manufacturing competence, robust infrastructure, cost-competitiveness, trained human resources, and innovation are the driving forces behind India’s pharma success story. The Indian pharmaceutical sector is currently valued at roughly USD 50 billion.

The share of pharmaceutical and drugs in our global exports is 5.92%. Formulations and biologicals continue to contribute for the majority of our overall exports, accounting for 73.31%, followed by bulk medicines and drug intermediates, which accounted for USD 4437.64 million in exports. The United States, the United Kingdom, South Africa, Russia, and Nigeria are India’s top five pharmaceutical export destinations.

It’s also worth noting that about 55% of our pharmaceutical exports go over to strictly regulated markets. The prescription market in the United States and Europe is dominated by Indian pharmaceutical companies. India has the most FDA-approved plants outside of the United States.

Even in the year 2020-21, despite the COVID crisis, Indian medications and pharmaceuticals had a high increase in exports, reaching USD 24.4 billion with an 18 percent YoY increase.

Despite periodic lockouts, global supply chain disruptions, and a weak industrial sector, the remarkable export increase in 2020-21 was attained. The Indian pharmaceutical industry played a critical role in combating the COVID pandemic, indicating to the rest of the globe that we are still a trustworthy and dependable partner when it comes to dealing with global health crises.

In conjunction with India’s research institutions such as ICMR and NIV, the Indian vaccine industry created Covid vaccine with indigenous technology in the quickest time possible, putting it on level with highly developed countries such as the United States and the European Union. More than 97 countries received 115 million vaccination doses from India.

India also signed cooperation agreements with the UAE and Australia as part of the trade treaties, which will provide Indian pharmaceutical products better access to these markets.