India’s pharmaceutical exports saw strong growth In fiscal year 2023-24, reached $28 billion, representing an increase of 10% over the previous fiscal year. Despite a 3% decline in total exports, the pharmaceutical sector demonstrated resilience and significant expansion.
main idea
march demonstration
Pharmaceutical exports increased by 12.73% to US$2.8 billion in March, indicating strong growth in the sector’s performance.
year-on-year growth
Year-on-year, India’s drugs and pharmaceuticals exports grew by 9.67% to total US$27.9 billion in 2023-24, showing steady progress.
top export markets
The United States, United Kingdom, Netherlands, South Africa and Brazil emerged as the top five export destinations. Notably, the US accounts for more than 31% of India’s total pharmaceutical exports.
Expansion into new geographies
India’s pharmaceutical exports entered new markets including Montenegro, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia, underscoring the growing global presence of the sector.
future projections
Experts estimate that India’s pharmaceutical industry could exceed US$130 billion by 2030, while its valuation will exceed US$50 billion in 2022-23 due to expanding market opportunities and increasing demand abroad.
industry stands
India’s pharmaceutical industry ranks 3rd globally by volume and 13th by value, boasting a portfolio of over 60,000 generic drugs across 60 therapeutic categories.
government initiative
Government has introduced two schemes to promote domestic manufacturing Production Linked Incentive (PLI) The schemes, targeting key pharmaceutical ingredients and generic drugs, aim to increase self-reliance and competitiveness in the sector.
