India’s pharmaceutical exports see growth in the US, Italy, and Germany, driven by rising competitiveness and PLI focus.
India’s pharmaceutical exports are making notable strides in global markets, particularly in the US and Italy, according to recent data from the Commerce Ministry. The government’s push for domestic manufacturing, supported by Production Linked Incentive (PLI) schemes, has bolstered India’s share in key markets for medicines, antibiotics, and medical devices.
India has emerged as the third-largest source of medicine imports for the US in 2023, with exports valued at USD 9 billion, capturing a 13.1% market share. The country follows Ireland and Switzerland, with Switzerland’s market share slipping from 17.4% in 2022 to 13.7% last year. This growth underscores India’s rising influence in the global pharmaceutical supply chain.
In addition to medicines, India has seen significant gains in antibiotic exports to Italy. The country’s market share in Italy’s antibiotic imports rose to 2.12% in 2023, up from 0.96% the previous year. In value terms, exports nearly doubled to USD 23.34 million in 2023, compared to USD 11.48 million in 2022.
India is also expanding its presence in Germany’s Magnetic Resonance Imaging (MRI) apparatus market. Indian exports of MRI machines to Germany reached USD 13.02 million in 2023, representing a 1.7% market share, up from just 0.45% in 2022. Although India is still behind leading exporters like the UK, which dominates with USD 460 million in exports, India’s growth indicates increasing competitiveness in this advanced medical technology sector.
“Penetrating the EU market is challenging, but establishing a foothold is critical. The recent growth reflects targeted efforts to monitor opportunities across various markets and commodities,” said a government official.
The Indian government has prioritised pharmaceutical and medical device manufacturing, with these sectors being among the first to receive incentives under the PLI scheme. This focus, along with strategic market interventions, is helping India strengthen its position as a key global player in these industries.
