India’s pharmaceutical sector witnessed a significant 9.67 percent increase, reaching USD 27.9 billion.
The country’s pharmaceutical exports soared by 9.67 percent year-on-year to USD 27.9 billion in the fiscal year 2023-24, amidst a 3 percent dip in total exports. March saw a notable surge with pharmaceutical exports rising by 12.73 percent to USD 2.8 billion. In the previous fiscal year 2022-23, pharmaceutical exports stood at USD 25.4 billion.
The United States remains the largest export market, constituting over 31 percent of India’s total pharmaceutical exports, followed by the UK and Netherlands. Notably, new markets such as Montenegro, South Sudan, Brunei, and Ethiopia have been penetrated, showcasing the sector’s diversification.
With the US market and expanding global demand driving growth, industry experts project India’s pharmaceutical business to surpass USD 130 billion by 2030. Currently, India exports pharmaceutical products worth USD 2-3 billion monthly. The government’s initiatives, including production-linked incentive schemes, further aim to bolster domestic manufacturing of key pharmaceutical ingredients and generic medicines.
