India’s drugs and pharmaceuticals exports increased 9.67% year-on-year to US$ 27.9 billion in 2023-24, even as the total exports dipped by 3% in the last fiscal, commerce ministry data shows.
Pharma exports in March grew by 12.73% to US$ 2.8 billion. In 2022-23, the exports stood at US$ 25.4 billion, PTI reported.
The top five export markets during the last fiscal were the US, the UK, the Netherlands, South Africa and Brazil. The US accounted for over 31% of India’s total pharma exports, followed by the UK and Netherlands (about 3% each).
In 2023-24, the outbound shipments entered new areas such as Montenegro in the Balkans, South Sudan, Chad, Comoros, Brunei, Latvia, Ireland, Chad, Sweden, Haiti and Ethiopia.
Various reports have said India’s pharmaceutical business may exceed US$ 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets. The business stood at over US$ 50 billion for the 2022-23.
