New Delhi [India], May 1 (ANI): Indian pharmaceutical exports have grown by 103% since 2013-2014. A significant increase has been reported from Rs 90,415 crore in 2013-14 to Rs 1,83,422 crore in 2021-22, the Ministry of Trade and Industry informed on Sunday.
The exports achieved in 2021-22 represent the best export performance of the pharmaceutical sector to date. This is a remarkable growth with exports increasing by nearly $10 billion in 8 years, the ministry said.
Highlighting the achievement in a tweet, Union Minister for Trade and Industry, Consumer Affairs, Food, Public Distribution and Textiles Piyush Goyal said that under the active leadership of Prime Minister Narendra Modi, India has served as the ‘pharmacy of the world’.
Building on the outstanding performance of the previous fiscal year 2020-21, India’s pharmaceutical exports again performed well in 2021-22.
Pharmaceutical exports in 2021-2022 maintained positive growth despite global trade disruptions and lower demand for COVID-related medicines. The trade balance continues to be in favor of India, with a surplus of $15,175.81 million.
According to the release, Indian pharmaceutical companies, with their competitive pricing and good quality, have made a global mark with 60% of global vaccines and 20% of generic drugs coming from India.
India ranks 3rd globally in production by volume and 14th in value. Behind India’s pharmaceutical success story is our world-class manufacturing excellence, robust infrastructure, cost competitiveness, trained human capital and innovation. The current size of the Indian pharmaceutical industry market is around $50 billion.
The share of pharmaceuticals and medicines in our world exports is 5.92%. Formulations and biologics continue to account for a large share of 73.31% of our total exports, followed by bulk drugs and drug intermediates with exports of $4,437.64 million. The top 5 destinations for pharmaceutical exports from India are USA, UK, South Africa, Russia and Nigeria.
It should also be noted that approximately 55% of our pharmaceutical exports are destined for highly regulated markets. Indian pharmaceutical companies hold a substantial share of the prescription market in the US and EU. The largest number of FDA-approved factories outside the United States are in India.
Even in the year 2020-21, Indian medicines and pharmaceuticals recorded strong growth amid the COVID desperation, achieving exports of $24.4 billion with an annual growth of 18%, according to the release. .
The extraordinary export growth in 2020-21 was achieved by braving frequent lockdowns, global supply chain disruptions and a depressed manufacturing sector. The Indian pharmaceutical industry has played a pivotal role in the fight against the COVID pandemic and has demonstrated to the world that we continue to be a reliable and dependent partner when it comes to tackling a global health crisis.
Indian vaccine industry has developed the Covid vaccine with indigenous technology in collaboration with Indian research institutes like ICMR and NIV in the shortest possible time, on par with highly developed countries like America and India. EU. India has provided 115 million doses of vaccines to over 97 countries.
As part of the trade deals, India has also signed a cooperation agreement with the United Arab Emirates and Australia which will provide better access for Indian pharmaceuticals in these markets, the statement added. (ANI)