India’s pharmaceutical exports witnessed robust growth in the fiscal year 2023-24, reaching $28 billion, marking a 10% increase compared to the previous fiscal year. Despite a 3% dip in total exports, the pharmaceutical sector demonstrated resilience and significant expansion.
Key Highlights
March Performance
Pharmaceutical exports in March soared by 12.73% to USD 2.8 billion, indicating a strong upward trajectory in the sector’s performance.
Year-on-Year Growth
Year-on-year, India’s drugs and pharmaceuticals exports escalated by 9.67%, totaling USD 27.9 billion in 2023-24, showcasing steady progress.
Top Export Markets
The United States, the United Kingdom, the Netherlands, South Africa, and Brazil emerged as the top five export destinations. Notably, the US accounted for over 31% of India’s total pharmaceutical exports.
Expansion into New Geographies
India’s pharmaceutical exports penetrated new markets including Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti, and Ethiopia, underscoring the sector’s growing global footprint.
Future Projections
Experts predict that India’s pharmaceutical industry could surpass USD 130 billion by 2030, driven by expanding market opportunities and rising demand overseas, as compared to the over USD 50 billion valuation in 2022-23.
Industry Standing
India’s pharmaceutical industry ranks third globally by volume and 13th by value, boasting a portfolio of more than 60,000 generic drugs across 60 therapeutic categories.
Government Initiatives
To bolster domestic manufacturing, the government has introduced two production-linked incentive (PLI) schemes targeting key pharmaceutical ingredients and generic medicines, aiming to enhance self-reliance and competitiveness in the sector.