India’s pharmaceutical exports continued to grow in FY26, crossing $28 billion during April–February, even as global markets faced pricing pressures and trade uncertainties. Industry leaders say the sector remains on a strong long-term growth trajectory, with projections indicating that the Indian pharmaceutical industry could expand to $130 billion by 2030. K. Raja Bhanu, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said exports reached $28.29 billion during April–February FY26, registering a 5.6% growth compared with the same period in FY25.
Formulations, Vaccines and Biologicals Drive Growth
Bhanu noted that formulations, biologicals, vaccines and AYUSH products played a key role in sustaining export momentum. “Despite global challenges, pharmaceutical exports have been among the few sectors to maintain steady growth. Exports during April–February FY26 stood at $28.29 billion, reflecting a 5.6% increase over the same period last year,” he said.
Indian Pharma Industry Set to Reach $130 Billion by 2030
The Indian pharmaceutical sector, currently valued at around $60 billion, is projected to grow to $130 billion by 2030, driven by expanding global demand, innovation, and improved manufacturing capabilities. Bhanu added that pharma exports reached $30.47 billion in FY2024–25, recording 9.4% year-on-year growth, even as the industry navigated global pricing pressures and trade volatility.
Export Target of $65 Billion by 2030
To strengthen India’s global pharmaceutical presence, Pharmexcil has set a target of $65 billion in exports by 2030. The strategy includes, expanding into new and emerging markets, increasing foreign direct investment (FDI), accelerating regulatory approvals and enhancing policy support for exports. The measures are expected to help the industry diversify beyond traditional markets and strengthen global competitiveness.
India a Major Global Supplier of Medicines
India currently ranks third globally in pharmaceutical production by volume, supplying medicines to more than 200 countries. Significantly, over 60% of India’s pharma exports go to highly regulated markets, reflecting strong quality standards and regulatory compliance. The United States remains the largest export destination, accounting for 34% of India’s pharmaceutical exports, followed by Europe with a 19% share.
Export Outlook Remains Positive
Commerce Secretary Rajesh Agrawal said the sector is expected to maintain a positive growth trajectory, even if export targets prove challenging to achieve in dollar terms. “The targets appear difficult to meet, but the sector will remain on a positive trajectory,” he said. He added that export growth would still appear stronger in rupee terms, as the Indian currency continues to weaken against the US dollar.
Front-Loaded US Buying Influences Export Trends
Pharmexcil Chairman Namit Joshi said export performance in FY26 may remain close to FY25 levels, partly due to front-loaded purchasing by US buyers. He explained that tariff-related concerns in 2025 led to additional procurement of medicines worth about $1.6 billion in the United States, which exceeded normal buying patterns. “That is why we expect to end up close to last year’s performance, with some growth coming from that,” Joshi said.
Long-Term Growth Outlook for Indian Pharma
Despite short-term fluctuations, industry leaders remain optimistic about the long-term prospects of India’s pharmaceutical sector. As reported by ebmnews.com, with strong manufacturing capabilities, growing exports, and expanding global demand, India is well positioned to strengthen its role as a major supplier of affordable medicines worldwide.
