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India’s pharma exports grow by 103 pc since 2013-14 Pharma Export

India’s pharma exports grow by 103 pc since 2013-14

India Blooms News Service | @indiablooms | 02 May 2022, 11:10 am

New Delhi: Indian pharma exports witnessed a growth of 103 percent since 2013-14, from Rs 90,415 crores to Rs 1,83,422 crores in 2021-22. 

The exports achieved in 2021-22 is the pharma sector's best export performance ever. 

It is a remarkable growth with exports growing by almost $10 billion in eight years.

Highlighting the achievement in a tweet, the Union Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Piyush Goyal said that Under the active leadership of Prime Minister, Narendra Modi India has been serving as the 'pharmacy of the world'.

Indian pharma companies enabled by their price competitiveness and good quality, have made a global mark, with 60 percent of the world’s vaccines and 20 percent of generic medicines coming from India. 

India ranks third worldwide for production by volume and 14th by value.

Behind India’s pharma success story is our world-class manufacturing excellence, robust infrastructure, cost-competitiveness, trained human capital and innovation.

The current market size of the Indian pharmaceutical industry is around $50 billion. 

The share of pharmaceuticals and drugs in our global exports is 5.92 percent.

Formulations and biologicals continue to account for a major share of 73.31 percent in our total exports, followed by bulk drugs and drug intermediates with exports of $4437.64 million.

India’s top five pharma export destinations are the USA, UK, South Africa, Russia and Nigeria.

It is also noteworthy that around 55 percent of our pharma exports cater to highly regulated markets.

Indian pharma companies have a substantial share in the prescription market in the US and EU. 

The largest number of FDA-approved plants outside the US is in India. 

Even in the year, 2020-21, Indian drugs and pharmaceuticals had registered a sharp growth amid the COVID despair, achieving export of $24.4 Bn with a year-on-year growth of 18 percent. 

The extraordinary export growth in 2020-21 was achieved by braving the frequent lockdowns, global supply chain disruptions, and the depressed manufacturing sector.

Indian pharma industry played a pivotal role in fighting against the COVID pandemic and demonstrating to the world that we continue to be a reliable and dependent partner when it comes to dealing with a global health crisis.

India provided 115 million doses of vaccines to more than 97 countries. 

As part of the trade agreements, India also signed a cooperation agreement with UAE and Australia which will give enhanced access to Indian pharma products to these markets.

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