Medicine Exports India's medicine and antibiotics exports to US, Italy grow
New Delhi/IBNS: India has become the third largest import source of medicine put up for retail sale in the United States, following Ireland and Switzerland, according to media reports citing Ministry of Commerce data.
As per reports, India's medicine exports grew to $9 billion in 2023 from $7.33 billion in 2022.
India's share in the overall market increased to 13.1 percent in 2023 from 10.08 percent in 2022 due to this surge in exports.
Ireland, the world’s largest exporter, fell to 13.85 percent in 2023 from 17.18 percent in 2022 as its sales in the US went down to $9.5 billion in 2023 from $12.5 billion in 2022, while the second biggest exporter, Switzerland, also declined to 13.7 percent last year from 17.4 percent in 2022, reports said.
Additionally, India's share of antibiotics exports has risen in the Italian market, media reports said, adding that India ranks 10th in the market by rising its share to 2.12 percent in 2023 from 0.96 percent in 2022.
India’s antibiotics exports to Italy stood at $23.34 million in 2023 from $11.48 million in 2022, as per reports.
India's market share is growing in the Magnetic Resonance Imaging (MRI) apparatus market in Germany as last year, India’s export share in Germany increased to 1.7 percent from 0.45 percent in 2022, according to reports.
India exported these MRI machines worth $13.02 million in 2023 from $2.93 million in 2022, media reports added.
India is the sixth largest exporter of MRI apparatus, whereas the United Kingdom is the largest exporter, with $460 million in exports, reports said.
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