Pharmaceutical exports surged to 8.2 percent during April to December 2023, reaching $20.40 billion, compared to $18.85 billion in the corresponding period of the previous fiscal year. According to R. Uday Bhaskar, Director-General, Pharmaceuticals Export Promotion Council (Pharmexcil), the growth was predominantly fuelled by a robust double-digit surge in US exports at 11.5 percent, driving overall exports to NAFTA (comprising the US, Canada, and Mexico) by 10.4 percent.
Formulations retained the largest share in exports, constituting approximately 73 percent. Bhaskar also highlighted the increasing exports to the UK, rising by 20.5 percent, alongside promising traction in the West Asia and North Africa (WANA) region. However, Russia’s declining exports, dropping from the 7th to the 10th position, pose a significant concern. Efforts are underway between the government and Pharmexcil to implement measures aimed at boosting exports to Russia.
As reported by businessline, initial projections estimated FY24 exports at $27 billion. With accelerated export momentum, particularly from October onwards, the total exports are anticipated to surpass the $28 billion mark. In FY23, pharmaceutical exports amounted to $25.3 billion, with NAFTA, Europe, and Africa emerging as the country’s primary regions for pharma exports, collectively representing nearly 69 percent of the total pharma export volume.
