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Indian pharma exports surge with 8.36% growth in July 2024
Industry News- Aug 19,24
The Indian pharmaceutical industry is projected to grow to $65 billion by 2024 and to $130 billion by 2030.
India's pharmaceutical exports continue their upward trajectory, registering an 8.36% increase to $2.31 billion in July 2024. This growth is largely driven by the rising global demand for cost-effective generic medicines, particularly in advanced Western nations. In the fiscal year 2023-24, the country's pharma exports grew by 9.67% year-on-year, reaching $27.9 billion, and this momentum is expected to continue.
The United States remains the largest market for Indian pharmaceuticals, accounting for over 31% of the total exports, followed by the UK and the Netherlands, each contributing around 3%. Brazil, South Africa, Ireland, and Sweden have also emerged as significant markets for Indian pharmaceutical products.
India’s share in the global pharmaceutical export market increased to 6.4% in FY24, up from 5.8% in FY19, with export values rising from $19.1 billion to $27.9 billion during the same period. According to the latest Economic Survey, India’s pharmaceutical sector, valued at $50 billion, is the third-largest in the world by volume. Often referred to as the ‘pharmacy of the world’, India supplies approximately 60,000 generic brands across 60 therapeutic categories, contributing 20% to global generic drug exports. Additionally, eight of the top 20 global generic pharmaceutical companies are based in India.
The Indian pharmaceutical industry is projected to grow to $65 billion by 2024 and to $130 billion by 2030. The sector maintains high compliance standards, with 703 facilities approved by the United States Food and Drug Administration (US FDA), 386 plants compliant with European Good Manufacturing Practices (GMP), and 241 facilities approved by the World Health Organization (WHO-GMP).
In December 2023, India introduced revised manufacturing rules under Schedule-M to align with global standards and enhance quality control. The Production Linked Incentive (PLI) scheme for medical devices has also had a positive impact, reducing the gap between imports and exports. Domestic production now includes advanced medical devices such as computed tomography (CT) scan machines and magnetic resonance imaging (MRI) machines.
The PLI scheme for bulk drugs has approved 48 projects with a committed investment of Rs 39.38 billion to boost local manufacturing. Financial assistance is also provided through Pharmexcil, an Export Promotion Council, under the Market Development Assistance and Market Access Initiative Schemes, particularly targeting small and medium-sized exporters to help promote their products in various countries.
(Tripura Times)
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