In FY21, Pharma exports grew by 18.7%.
Stimulated by strong demand for the country’s generic drugs, India’s pharmaceutical exports grew by 18.7% to $24.44 billion in the financial year ended March 31.
Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), Ravi Udaya Bhaskar said that despite the global pharma market dwindling by 1-2% in 2020, the industry posted its best export performance in value terms. This was because of an increase in demand for made-in-India generics, owing to their superior quality and affordability.
Sharing quick approximations released by the Centre’s Department of Commerce, Pharmexcil said in a statement that drug creations and biologicals remained the second-largest product exported by India. Pharmaceutical exports had increased by 7.57% to $20.58 billion in the previous fiscal year.
Mr. Bhaskar said, “We have observed a big leap in exports in March to $2.3 billion”. He said that this was the highest in any month during the fiscal year and 48.5% higher than March 2020’s exports of $1.54 billion. He further added that the year-earlier period’s performance was hurt by lockdowns and supply chain disruptions and he further mentioned that the March 2021 numbers were provisional.
North America continues to be the largest market for Indian pharmaceuticals, accounting for a more than 34% share. Exports to the U.S., Canada and Mexico recorded a growth of 12.6%, 30% and 21.4% respectively.
Exports to Africa increased by 13.4% as against the previous fiscal year’s growth of 2.24%. Further, South Africa emerged as the second-largest market for Indian pharmaceuticals. Exports to the country increased by 28%, while Nigeria, Kenya and Tanzania were the other major markets in Africa. Growth in exports to Europe, which is the third-largest market, was about 11%.
There is an increasing demand for Indian pharmaceutical products in non-traditional markets such as Latin America (growth of 14.5%), CIS countries (23.5% growth) and Middle East (17.5%).