India’s Pharmaceutical Exports Record Outstanding Performance in 2021-22 Despite Global Trade Disruptions

India’s pharmaceutical exports have increased by 103% to Rs 1,83,422 crore since 2013-2014, the Commerce Ministry said on Sunday, adding that 2021-22 had been the best export performance of all. weather. “This is remarkable growth with exports growing by nearly $10 billion in 8 years,” the statement said.

Exports in 2021-22 maintained positive growth despite global trade disruptions and lower demand for COVID-related drugs, he added.

Union Minister Piyush Goyal pointed out in a tweet that under the active leadership of Prime Minister Narendra Modi, India was serving as a “pharmacy of the world”.

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“Indian pharmaceutical companies, with their competitive pricing and good quality, have made a global mark, with 60 percent of global vaccines and 20 percent of generic drugs coming from India,” the ministry said.

India ranks third in the world for production in terms of volume and 14th in value. The current market size of the domestic pharmaceutical industry is approximately $50 billion. The share of pharmaceuticals and medicines in world exports is 5.92%.

Formulations and biologics continue to account for a large share of 73.31 percent of the country’s total exports, followed by bulk drugs and drug intermediates, according to the ministry. The top five destinations for India’s pharmaceutical exports are the United States, United Kingdom, South Africa, Russia and Nigeria.

“Even in the year 2020-21, Indian medicines and pharmaceuticals recorded strong growth amid COVID desperation, achieving an export of $24.4 billion with an annual growth of 18%,” said he declared.

With PTI entries

(Edited by : Priyanka Deshpande)

First post: STI


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